IRIS International to Be Acquired by Danaher Corporation

(Washington DC, USA) will acquire IRIS International, Inc. (Chatsworth, CA, USA) at a purchase price of USD 19.50 per share, for a net transaction value to Danaher of approximately USD 338 million. The transaction is expected to be completed during the fourth quarter of 2012. Upon closing, IRIS will become part of Danaher's Beckman Coulter Diagnostics business.

IRIS is a manufacturer of automated in vitro diagnostics systems and consumables. IRIS is focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids.

Initial applications for Iris' technology were in the urinalysis market and the company provides automated urine microscopy and chemistry systems. Iris is expanding its core imaging and morphology expertise into related markets, including applications in hematology and body fluids. In addition, the personalized medicine group develops and commercializes the company's nucleic acid detection immunoassay (NADiA) platform, with applications in oncology and infectious disease.

Cesar M. García, chairman, president, and CEO of IRIS International commented on the transaction, "The Board of Directors voted unanimously to accept Danaher's proposal as it provides for an immediate compelling cash premium realization for our shareholders. Further, IRIS will benefit from being a part of a larger organization with significant resources to enable the acceleration of its diversified product pipeline strategy."

Danaher is a science and technology leader that designs, manufactures, and markets products and services to professional, medical, industrial, and commercial customers. It offers microscopes that enable researchers to see 100 nanometer objects in three dimensions, dental diagnostics that spot decay as it forms, and disinfection technologies that help ensure safe drinking water.

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