Invitrogen Announces Completion of Detailed Integration Plans Relating to Applied Biosystems Combination

  
    
  
  
    
      Invitrogen Corporation (NASDAQ:IVGN) today announced that the company 
      has completed a significant milestone in the integration planning for 
      the Applied Biosystems combination. The company has finalized the 
      synergy targets by identifying specific actions and timing to achieve 
      the synergies for all functions within the new company.
    
    
      “The synergy work we’ve 
      had underway for the last three months has led to a very comprehensive 
      and robust plan that is now locked in by each operational area,” 
      said Greg Lucier, Chairman and Chief Executive Officer of Invitrogen. “I 
      am extremely pleased with the progress we are making. To have a 
      week-by-week integration plan a full month before the expected close 
      date and implementation of the plan puts us in a strong position to 
      deliver the financial benefits of this merger.”
    
    
      The company provided an update on the amount of synergies it expects to 
      achieve in the first year after close. The original expectation for year 
      one synergies was $60 million. The company now expects this synergy 
      realization to be at least $80 million, mostly attributable to cost 
      savings.
    
    
      The higher amount of synergies, as well as a lower than expected share 
      count of 179 million shares, will lead to higher earnings per share 
      growth than originally anticipated. These positive benefits will be 
      partially offset by recent fluctuations in currency exchange rates and 
      an increase in the expected interest rate on the new debt. Given these 
      changing factors, the company provided updated earnings per share 
      guidance for fiscal year 2009, assuming today’s 
      exchange rates and LIBOR rates, of at least $2.65 as compared to the 
      original expectation of at least $2.60.
    
    
      In addition to an update on 2009 financial expectations, the company 
      provided a preview into preliminary 2008 third quarter financial 
      results. Third quarter total revenue growth was in the mid-teens 
      including several points of growth attributable to foreign currency 
      exchange. Non-GAAP earnings per share grew more than twenty percent as a 
      result of increased volume and continued operating margin expansion.
    
    
      The company will provide more detailed financials after markets close on 
      its previously scheduled announcement date of October 21st. 
      The company will host a call immediately following this announcement, 
      which will include operational and financial highlights for the quarter.
    
    
      “Invitrogen is in a unique position, largely 
      insulated, although clearly not immune, from economic turbulence and our 
      end markets remain stable,” said David 
      Hoffmeister, Chief Financial Officer of Invitrogen. “As 
      it relates to the financing of the Applied Biosystems transaction, we 
      are well situated with our syndication complete amongst a strong group 
      of lenders.”
    
    
      “While we continue to invest significant time 
      and resources in our integration efforts, we are not taking our eye off 
      our day-to-day business,” Lucier said. “We 
      remain very operationally focused so that we can deliver on the promise 
      of our combination with Applied Biosystems, and we’re 
      gratified by the positive sentiment our shareholders have expressed 
      regarding the short-term and long-term value of the deal.”
    
    
      About Invitrogen
    
    
      Invitrogen Corporation (NASDAQ:IVGN) provides products and services that 
      support academic and government research institutions and pharmaceutical 
      and biotech companies worldwide in their efforts to improve the human 
      condition. The company provides essential life science technologies for 
      disease research, drug discovery, and commercial bioproduction. 
      Invitrogen’s own research and development 
      efforts are focused on breakthrough innovation in all major areas of 
      biological discovery including functional genomics, proteomics, stem 
      cells, cell therapy and cell biology – 
      placing Invitrogen’s products in nearly every 
      major laboratory in the world. Founded in 1987, Invitrogen is 
      headquartered in Carlsbad, CA, and conducts business in more than 70 
      countries around the world. The company employs approximately 4,700 
      scientists and other professionals and had revenues of approximately 
      $1.3 billion in 2007. For more information, visit www.Invitrogen.com.
    
    
      ADDITIONAL INFORMATION AND WHERE TO FIND IT
    
    
      In connection with the proposed transaction, Invitrogen and Applied 
      Biosystems have filed a joint proxy statement/prospectus as part of a 
      registration statement on Form S-4 regarding the proposed transaction 
      with the Securities and Exchange Commission, or SEC. The final joint 
      proxy statement/prospectus has been mailed to shareholders of both 
      companies. Investors and security holders are urged to read it in its 
      entirety because it will contain important information about Invitrogen 
      and Applied Biosystems and the proposed transaction. Investors and 
      security holders may obtain a free copy of the definitive joint proxy 
      statement/prospectus and other documents at the SEC’s 
      website at www.sec.gov. 
      The definitive joint proxy statement/prospectus and other relevant 
      documents may also be obtained free of charge from Invitrogen by 
      directing such requests to: Invitrogen Corporation, Attention: Investor 
      Relations, 5791 Van Allen Way, Carlsbad, CA 92008, and from Applied 
      Biosystems Inc. at: Applied Biosystems Inc., Attention: Investor 
      Relations 850 Lincoln Center Drive, Foster City, CA 94404.
    
    
      PARTICIPANTS IN THE SOLICITATION
    
    
      Invitrogen their directors, executive officers and certain other members 
      of their management and employees may be deemed to be participants in 
      the solicitation of proxies in connection with the proposed transaction. 
      Information concerning all of the participants in the solicitation is 
      included in the joint proxy statement/prospectus relating to the 
      proposed merger. This document is available free of charge at the 
      Securities and Exchange Commission’s Web site 
      at http://www.sec.gov 
      and from: Invitrogen Investor Relations, telephone: [phone] or on 
      Invitrogen’s website at http://www.invitrogen.com.
    
    
      Safe Harbor Statement
    
    
      Certain statements contained in this press release are considered 
      "forward-looking statements" within the meaning of the Private 
      Securities Litigation Reform Act of 1995, and it is Invitrogen's intent 
      that such statements be protected by the safe harbor created thereby. 
      Forward-looking statements may be identified by words such as "expects," 
      "anticipates," "intends," "plans," "believes," "seeks," "estimates," 
      "will," or words of similar meaning and include, but are not limited to, 
      statements about the expected future business and financial performance 
      of Invitrogen and the combined company. Such forward looking statements 
      include but are not limited to, statements relating to financial 
      projections, including pro forma EPS projections; cost and revenue 
      synergies; and efficiencies. A number of the matters discussed in this 
      press release that are not historical or current facts deal with 
      potential future circumstances and developments, in particular, 
      information regarding the combined company, including expected synergies 
      of the combined company and combined financial data. The discussion of 
      such matters is qualified by the inherent risks and uncertainties 
      surrounding future expectations generally and other factors that could 
      cause actual results to differ materially from future results expressed 
      or implied by such forward-looking statements. Such risks and 
      uncertainties include, but are not limited to: the failure to realize 
      capital and operating expense synergies; the volatility of the financial 
      markets; and other risks and uncertainties detailed from time to time in 
      Invitrogen's Securities and Exchange Commission filings.