Deal Details

Sale to Life Technologies Corporation

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Summary

About

Ion Torrent Systems, Inc. (“Ion Torrent” or the “Company”) recently entered into a definitive agreement for the sale of its business to Life Technologies Corporation (NASDAQ: LIFE) (“Life Technologies”) for $725 million in cash and stock. Ion Torrent will receive $375 million in cash and stock at close and is entitled to additional consideration of $350 million in cash and stock upon the achievement of certain technical and time-based milestones through 2012. The transaction, which is expected to close in the fourth quarter, is subject to customary closing conditions, including regulatory approval. Ion Torrent has developed a DNA sequencing system that directly translates chemical signals (A, C, G, T) into digital information (0, 1) on a semiconductor chip. The result is a sequencing system that is simpler, faster, less expensive and more scalable than any other technology available. Because Ion Torrent produces its proprietary semiconductor chips in standard CMOS factories, it leverages the $1 trillion investment that has been made in the semiconductor industry. Ion Torrent was founded in August 2007 by Dr. Jonathan M. Rothberg, who pioneered high-speed, massively parallel DNA sequencing. Ion Torrent is based in Guilford, Connecticut, with an office in South San Francisco. Life Technologies Corporation is a global biotechnology tools company dedicated to improving the human condition. Its systems, consumables and services enable researchers to accelerate scientific exploration, driving to discoveries and developments that make life even better. Life Technologies customers do their work across the biological spectrum, working to advance personalized medicine, regenerative science, molecular diagnostics, agricultural and environmental research, and 21st century forensics.

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