Health and industrial sciences company PerkinElmer, Waltham, Mass., said it will pay $300 million to acquire ViaCell, a developer of technology to preserve a babys umbilical cord blood for possible future medical use by the child or family members.
PerkinElmer said it will offer to buy all of ViaCells shares for $7.25 apiecea 52% premium over the stocks Monday closing price of $4.77.
The transaction is expected to close by year-end and is subject to shareholder and regulatory approval.
ViaCell, Cambridge, Mass., markets ViaCord, a product offering expectant families the chance to preserve their babys umbilical cord blood at the time of birth for potential medical use by the child or a family member. Cord blood is believed to be effective in treating dozens of diseases including blood cancers and certain genetic diseases.
PerkinElmer, an 8,500-employee company with $1.55 billion in revenue last year, said the acquisition would expand its product offerings in the neonatal and prenatal healthcare markets. -- by the Associated Press
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