Los Angeles Business Journal

Danaher to Buy Iris International

Monday, September 17, 2012

Danaher Corp. on Monday said that it signed an agreement to buy Chatsworth medical test maker Iris International Inc. in a deal worth about $341 million.

Iris makes automated in-vitro diagnostics systems and related products. Danaher, a Washington, D.C. conglomerate that wants to expand in the medical diagnostics business, said it will pay $19.50 for each share of Iris, a 45 percent premium over the Iris' closing stock price of $13.42 on Friday.

Based on Iris' 17.5 million shares outstanding, the deal is worth about $341 million. The companies valued the deal, which is expected to close in the fourth quarter, at about $338 million, including assumed cash and debt.

Iris shares jumped $6.03, or 45 percent, to $19.45 in morning trading on the Nasdaq.