BD to Acquire TriPath Imaging, Inc.
Advances BD's position in cancer diagnostics
BD (Becton, Dickinson and Company) announced that it has signed a definitive agreement to acquire the 93.5% of the outstanding shares of TriPath Imaging which BD does not currently own, for a cash purchase price of $9.25 per share, or approximately $350 million. The acquisition is expected to be completed by the end of BD's first fiscal quarter 2007 following the satisfaction of the conditions to the closing that include antitrust clearance and other customary conditions, and the requisite approval by the TriPath Imaging shareholders. TriPath Imaging has agreed to use its reasonable best efforts to hold a special meeting of its shareholders, as promptly as practicable, for the purpose of considering the acquisition and to file a proxy statement and solicit proxies in favor of its approval.
TriPath Imaging develops, manufactures, markets and sells solutions to improve the clinical management of cancer, including detection, diagnosis, staging and treatment. Since 2001, BD has been collaborating with the company to identify bio-markers for various cancer diagnostics.
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