SANTA CLARA, Calif., April 6, 2007
Agilent Technologies Inc. (NYSE: A) today announced that it has signed a definitive agreement with Stratagene Corp. (NASDAQ: STGN) to acquire the developer, manufacturer and marketer of specialized life science research and diagnostic products.
Under the terms of the agreement, each share of Stratagene common stock will be converted into the right to receive a cash payment of $10.94. The acquisition is expected to be closed in approximately 90 days, subject to certain closing conditions.
Stratagene's products are used by scientists in academia, government research and industry in molecular biology, genomics, proteomics, drug discovery and toxicology. Stratagene's portfolio includes reagents for life science research and instruments. The company also offers a range of diagnostics products, including applications for allergy testing and urinalysis.
The acquisition of Stratagene is expected to broaden the customer base for both Agilent and Stratagene.
"We see Stratagene's technology, products and expertise as being highly complementary to Agilent's life sciences portfolio, enabling us to offer our customers more complete workflow solutions," said Nick Roelofs, vice president and general manager of Agilent's Life Sciences Solutions Unit. "Stratagene has a strong R&D team as well as excellent presence in the important academic and government markets."
Founded in 1984, Stratagene is based in La Jolla, Calif. The company employs more than 400 employees worldwide, who are expected to join Agilent. Major company locations are Garden Grove, Calif.; Cedar Creek, Texas; Edinburgh, Scotland; Tokyo, Japan; and Amsterdam, the Netherlands.
More information about Stratagene is available at www.stratagene.com.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. Agilent had net revenue of $5.0 billion in fiscal year 2006. Information about Agilent is available on the Web at www.agilent.com.
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding Stratagene's technological expertise and its enhancement of our product portfolio, information regarding the contribution Stratagene would make to Agilent's ability to address customer demands, and the ability of Agilent to provide improved products, services and support to its customers following the closing. These forward-looking statements involve risks and uncertainties that could cause Agilent's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to risks associated with the ability to effectuate the acquisition on a timely basis, risks associated with changes in demand for Agilent's and Stratagene's products, risks associated with the timing of completion of the acquisition and risks associated with the development generally of Agilent's overall strategic objectives.
In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; ongoing competitive, pricing and gross margin pressures; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix and other risks detailed in Agilent's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the period ended October 31, 2006 and its Quarterly Report on Form 10-Q for the period ended January 31, 2007. Forward-looking statements are based on the beliefs and assumptions of Agilent's management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
# # #
Michele Drake, Agilent Corporate
Stu Matlow, Agilent LSCA
Rodney Gonsalves, Agilent