Bio-Rad Laboratories has signed a definitive agreement to acquire approximately 77.7% of the outstanding shares of DiaMed Holding.
Bio-Rad will pay approximately 477million Swiss francs (about US$390million, euro290million) in cash to acquire these shares.
DiaMed holds approximately 9.6% of its outstanding shares as treasury shares.
After the closing of this transaction, Bio-Rad will conduct a tender offer to acquire the remaining 12.7% outstanding shares.
The transaction is subject to certain closing conditions, including regulatory approvals, and is expected to close later this year.
DiaMed develops, manufactures and markets a complete line of reagents and instruments used in blood typing and screening.
Founded in 1977 and based in Switzerland, DiaMed has annual sales of approximately US$200 million to hospitals, clinical laboratories, and blood banks in more than 100 countries.
Today, DiaMed has nearly 800 employees at various locations around the world.
"DiaMed has an outstanding reputation for quality products and customer care and we believe this portfolio of products will fit in well with Bio-Rad's existing diagnostics business," said John Goetz, Bio-Rad vice president and group manager clinical diagnostics.
