Molecular Devices (NASDAQ:MDCC)
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Molecular Devices Announces Completion of Its Acquisition of Axon
Instruments
SUNNYVALE, Calif., July 1 /PRNewswire-FirstCall/ -- Molecular Devices
Corporation (NASDAQ:MDCC) today announced that it has completed its acquisition
of Axon Instruments, Inc. The stockholders of both companies have approved the
transaction, and all regulatory requirements and other conditions have been
satisfied. Pursuant to the merger agreement announced on March 21, 2004,
former Axon stockholders are receiving 0.00734 of a share of Molecular Devices
common stock and $0.1359 cash for each share of Axon common stock. Molecular
Devices is issuing approximately 3.6 million shares of its common stock and
paying approximately $68 million of cash in exchange for all of the outstanding
shares of Axon. Molecular Devices also assumed employee options to acquire
approximately 536,000 shares of Molecular Devices common stock, as well as
other options to acquire approximately 38,000 shares of Molecular Devices
common stock and approximately $700,000 in cash. As a result of the
acquisition, Molecular Devices received approximately $26 million in cash that
had been on the balance sheet of Axon. The merger will be accounted for using
the purchase method.
About Molecular Devices Corporation
Molecular Devices Corporation is a leading developer of high-performance,
bioanalytical measurement systems that accelerate and improve drug discovery
and other life sciences research. Molecular Devices' systems and consumables
enable pharmaceutical and biotechnology companies to leverage advances in
genomics and combinatorial chemistry by facilitating the high-throughput and
cost-effective identification and evaluation of drug technologies that
integrate its expertise in engineering, molecular and cell biology, and
chemistry. Molecular Devices enables its customers to improve research
productivity and effectiveness, which ultimately accelerates the complex
process of discovering and developing new drugs.
Forward-Looking Statements
This press release contains "forward-looking" statements, including statements
related to the success of the acquisition and potential future revenues,
expense synergies and earnings. Any statements contained in this press release
that are not statements of historical fact may be deemed to be forward-looking
statements. Words such as "believes," "anticipates," "plans," "expects,"
"will," and similar expressions are intended to identify forward-looking
statements. The success of the acquisition and future operating results of
Molecular Devices may differ materially from the results discussed or
forecasted in the forward-looking statements due to factors that include, but
are not limited to, risks associated with acquisitions, such as the potential
inability to realize the expected benefits and synergies of the transaction,
risks related to future opportunities and plans for the combined company,
potential difficulties in the assimilation of operations, strategies,
technologies and products of the acquired company, the risk of loss of key
personnel of the acquired company and the risk of diversion of management's
attention from other business concerns, and general business risks including,
among others, risks detailed from time to time in Molecular Devices' SEC
reports, including its Annual Report on Form 10-K for the year ended December
31, 2003, as amended, its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2004, and its Registration Statement on Form S-4 (Registration No.
333-114934), as amended. Molecular Devices Corporation does not undertake any
obligation to update forward-looking statements.
DATASOURCE: Molecular Devices Corporation
CONTACT: Tim Harkness of Molecular Devices Corporation, +1-408-747-3533
Web site: http://www.moleculardevices.com/