Stratagene Reports First Quarter 2007 Revenue and Earnings
Stratagene Corporation (Nasdaq:STGN), a developer, manufacturer and marketer of specialized life science research and diagnostic products, today released financial results for the first quarter ended March 31, 2007.
Revenues for the first quarter of 2007 were $24.4 million and net income was $1.4 million. Fully diluted earnings per share were $0.06 for the first quarter of 2007.
On April 6, 2007, Agilent Technologies Inc. (NYSE:A) and Stratagene Corporation announced the signing of a definitive agreement for Agilent to acquire Stratagene.
Under the terms of the agreement, Stratagene will operate as a division within Agilent's Life Sciences Solutions Unit. Upon consummation of the transaction, each share of Stratagene common stock will be converted into the right to receive a cash payment of $10.94 per share, a 28% premium to Stratagene's closing share price of $8.51 on April 5, 2007. A special committee of Stratagene's independent directors received an opinion from its financial advisor, Houlihan Lokey Howard & Zukin, that the $10.94 per share price is fair from a financial point of view to Stratagene's stockholders.
The transaction is subject to certain closing conditions set forth in the merger agreement, including approval by Stratagene stockholders of the merger and regulatory review. On May 9, 2007, Stratagene and Agilent received confirmation of the early termination of the applicable waiting period for the merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Stockholders representing approximately 55% of the outstanding common stock of Stratagene have agreed to vote in favor of the merger. The parties expect that the merger, which was unanimously approved by Stratagene's board of directors, will close in early June 2007.
About Stratagene Corporation
Stratagene is a developer, manufacturer and marketer of specialized life science research and diagnostic products. The Company's life science research unit supports advances in science by inventing, manufacturing and distributing products that simplify, accelerate and improve research. These products are used throughout the academic, industrial and government research sectors in fields spanning molecular biology, genomics, proteomics, drug discovery and toxicology. The Company's diagnostic unit develops and manufactures products for urinalysis as well as high quality automated instrument and reagent systems that use blood samples to test for more than 1,000 different allergies and autoimmune disorders. In addition, by combining its expertise in diagnostics and molecular biology, as well as its experience with FDA regulatory procedures, the Company is pursuing opportunities to expand its product portfolio to include molecular diagnostic kits and instrumentation. More information is available at www.stratagene.com.