Invitrogen to buy Sentigen for $25.9M

Invitrogen Corp, a USA-based provider of services that support life science research, has entered into a definitive agreement to merge with New Jersey-based Sentigen in a cash transaction at a price of $3.37 per share, or $25.9 million, for all shares currently issued and outstanding.

The deal, which is expected to close in the fourth quarter of the year, was well received by the market. On the day it was announced, September 1, Invitrogen shares rose 2.4% to $62.28. Sentigen, which said that the sum agreed represents a 30% premium on its 30-day average closing price, saw its shares jump 20% to $3.30. The firm says that its proprietary Tango Assay System and division-arrested Assay Ready Cells will bolster Invitrogen's leading position in assay development by providing a novel approach to screen G-protein coupled receptors and other key drug target classes, as well as providing a methodology to convert live cell assays into ready-to-use consumable products.

Sentigen has two wholly-owned operating subsidiaries. Cell & Molecular Technologies provides contract drug discovery R&D services in the areas of molecular and cell biology, gene expression, protein biochemistry, bio-processing, high-throughput screening support, mouse genetics and cell-based GPCR selectivity profiling, while Sentigen Biosciences develops and sells novel bioassays.