The purchase price will be approximately $117 million in cash.
The current equity holders of BioArray intend to form a new company prior to closing to commercialize BioArray technologies in fields outside of blood transfusion and transplantation. In connection with its acquisition of BioArray, Immucor will receive a 19% ownership interest in this new company.
Closing of this acquisition is conditioned upon, among other matters, receipt of regulatory approvals including pre-merger notification clearance under Hart-Scott-Rodino.
Immucor expects this acquisition to be materially dilutive to earnings per share for several years following closing as key investments are made in research, development, and the automation and marketing of the BioArray product line. In its first full year of ownership, Immucor expects that this acquisition will reduce diluted earnings per share by approximately $0.20 to $0.23 per share, including approximately $0.05 per share of non-cash amortization of acquired intangible assets.
Immucor, Inc. will host a conference call March 12, 2008 at 8:30 a.m.
(EDT) to discuss this acquisition. Investors are invited to participate in
this conference call with Dr. Gioacchino De Chirico, President and Chief
Executive Officer; Rick Flynt, Chief Financial Officer; Phil Moise, General
Counsel; and Ed Gallup, consultant. This press release will be posted on
Immucor's website, as well as any material financial information that may
be discussed by Messrs. De Chirico, Flynt, Moise or Gallup during this call
that is not contained in the press release. Both this press releas
|SOURCE Immucor, Inc.|
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