AMERSHAM INT'L BUYS US BIOCHEMICAL

Amersham International of the UK is to acquire the American company United States Biochemical for a sum of $69 million, it has been announced. Of the total amount, $51.75 million is payable on completion of the deal.

USB is a privately-owned company based in Cleveland, Ohio, and is a major supplier of reagents, biochemicals, intermediates and related services to the North American life science industry.

The initial payment is being covered by the issue to vendors of around 4.6 million new Amersham ordinary shares, 3.6 million of which will be placed by Morgan Grenfell at 712 pence ($10.15) per share. The remaining $17.25 million is payable over a three-year period dependent on the achievement of sales milestones by certain USB products.