Invitrogen/Novex
This article was originally published in The Gray Sheet
Executive Summary
Definitive stock-swap merger agreement valued at over $50 mil. would combine San Diego-based Novex, a supplier of pre-cast electrophoresis gels and related instruments, with Invitrogen, maker of research tool kits for gene cloning and protein expression, also based in San Diego. Combined annual revenues would exceed $50 mil. Invitrogen revenues were $31.4 mil. in 1998; net income was $3 mil. Novex generated revenues of $23.1 mil. for the fiscal year ended March 31, and net income of $1.1 mil. Acquisition of Novex is part of Invitrogen's strategy "to expand our leadership in providing products that accelerate gene discovery and analysis," the firm says