Thermo Fisher Scientific, which makes scientific instruments, announced that it is buying Affymetrix for $1.3 billion in cash.
Under the deal, Thermo Fisher offered $14 per share to acquire California-based Affymetrix, which is engaged in building tools for genomic analysis and genetic testing. The offering price represents a premium of about 52% to Affymetrix’s closing price Friday.
Thermo Fisher plans to integrate Affymetrix into its Life Sciences Solutions Segment. The company will use cash on hand and short-term debt to finance the deal.
The acquisition is expected to close by the end of the second quarter.