Danaher Buys Cepheid For $4bn, Citing Molecular Diagnostics Strength

Danaher is paying a 54% premium to acquire Cepheid, maker of the fully automated GeneXpert rapid genetic testing system. Cepheid will join Danaher's $5bn Diagnostics segment, which already includes Beckman Coulter, Leica Biosystems and Radiometer. Danaher executives cited Cepheid's large installed base and potential for growth and efficiency improvements as justifications for the deal. At least one analyst believes Danaher may be paying too much.

Diversified scientific and industrial instrument conglomerate Danaher Corp. will add Cepheid to its stable of diagnostics companies following a $4bn acquisition, announced Sept. 6.

Both companies' boards have agreed that Danaher will acquire all of Cepheid's outstanding shares for $53 per share, a 54% premium over Cepheid's closing price of $34.42 on the last...

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