Invitrogen Completes Syndication of Financing for Applied Biosystems Acquisition

  
    
  
  
    
      Invitrogen Corporation (NASDAQ:IVGN) today announced that the 
      syndication of the financing relating to its proposed acquisition of 
      Applied Biosystems announced on June 12, 2008 has been completed.
    
    
      Pricing for the $2.65 billion financing was in line with expected terms. 
      The Term Loan A, in the amount of $1.4 billion, and the Revolving Credit 
      Facility, in the amount of $250 million, will bear interest at LIBOR 
      plus 250 basis points. The Term Loan A has been committed to by 30 bank 
      lenders. The Term Loan B in the amount of $1 billion, which will bear 
      interest at LIBOR plus 300 basis points, has approximately 250 committed 
      lenders.
    
    
      “We’re very pleased 
      that the syndication of our financing is now complete and in line with 
      our original expected interest rates and upfront fees,” 
      said David Hoffmeister, Invitrogen’s Chief 
      Financial Officer. “The syndication contains a 
      well-diversified base of domestic and international investors, who see 
      the value in the significant cash flow and future potential of the 
      combined company.”
    
    
      The company expects the merger transaction to close in November, subject 
      to shareholder and European Commission approvals.
    
    
      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 is being mailed to shareholders of both 
      companies. Investors and security holders are urged to read it in its 
      entirety because it contains 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.
    
    
      PARTICIPANTS IN THE SOLICITATION
    
    
      Invitrogen and Applied Biosystems and their respective 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 www.sec.gov 
      and from: Invitrogen Investor Relations, telephone: [phone] or on 
      Invitrogen’s website at 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. 
      Potential risks and uncertainties include, but are not limited to: a) 
      the result of the review of the proposed merger by various regulatory 
      agencies, and any conditions imposed on the new company in connection 
      with consummation of the merger; b) approval of the merger by the 
      stockholders of Invitrogen and Applied Biosystems and satisfaction of 
      various other conditions to the closing of the merger contemplated by 
      the merger agreement; c) volatility of the financial markets and the 
      availability of credit on acceptable terms; and d) the transaction may 
      or may not close in November; as well as other risks and uncertainties 
      detailed from time to time in Invitrogen's Securities and Exchange 
      Commission filings.