Cepheid, Sunnyvale, Calif, has entered into a definitive agreement with Danaher Corp under which Danaher will acquire all of the outstanding shares of Cepheid common stock for $53 per share in cash, or a total enterprise value of approximately $4 billion including indebtedness and net of acquired cash.
John Bishop, Cepheid.
“Cepheid’s vision has always been to enable as many people as possible to have access to powerful molecular diagnostic tests that provide critical information on a timely basis to guide treatment and patient management,” says John Bishop, Cepheid’s chairman and CEO.
“Looking forward as a part of Danaher and its $5 billion diagnostics platform, we believe that Cepheid will be able to reach an extended level of customers and patients more quickly than we could have on a standalone basis,” adds Bishop. “Our employees will have more opportunities as part of a global science and technology company that shares Cepheid’s commitment to innovation, and also has the capability to help accelerate expansion of our global market position.”
The consideration represents approximately a 54% premium to Cepheid’s common stock over the closing price of $34.42 on September 2, 2016. Cepheid’s board of directors unanimously approved the transaction, which is expected to close in the fourth quarter of 2016, subject to Cepheid shareholder approval, clearances by the relevant regulatory authorities, and other customary closing conditions.
Fenwick & West LLP is acting as Cepheid’s legal advisor for this transaction, and Goldman, Sachs & Co is acting as Cepheid’s exclusive financial advisor.
