Life Technologies to Sell Mass Spectrometry Business to Danaher

Life Technologies Corporation has signed a definitive agreement to sell its ownership stake in its mass spectrometry business, operated as a joint venture, to Danaher Corporation for US$450 million. The latter has also signed an agreement to acquire the former’s joint venture partner in the mass spectrometry business, MDS Analytical Technologies. The transaction is expected to close in the fourth quarter of 2009.

Life Technologies does not expect the sale of its mass spectrometry business to affect its previously announced full year 2009 earnings expectations. In addition, the company reiterated its synergy targets for the Invitrogen and Applied Biosystems merger of US$95 million in 2009 and US$175 million by 2011.

The transaction is subject to customary closing conditions, and is also conditioned upon the completion of MDS’s sale of its Analytical Technologies division, which itself is conditioned upon approval from MDS’ shareholders. The transaction is expected to close in the fourth quarter of 2009 and is not subject to any financing conditions.