(Reuters) - Industrial and medical conglomerate Danaher Corp (DHR.N) said it will buy diagnostics company IRIS International Inc IRIS.O for $355 million.
Danaher will pay $19.50 in cash for each IRIS share, a 45.3 percent premium to the stock’s Friday’s close.
Danaher said the deal value comes to about $338 million, after including IRIS’ debt and net cash acquired.
IRIS, which makes tests to analyze urine and blood, will become part of Danaher’s Beckman Coulter Diagnostics.
The offer for all IRIS’ outstanding shares will start within the next 7 days, and will remain open for the minimum of 20 business days, IRIS said in a statement.
The deal is expected to close in the fourth quarter.
IRIS posted a revenue of about $118.3 million in 2011, and is expected to a 9 percent jump in 2012 revenue.
Danaher shares closed $54.76 on Friday on the New York Stock Exchange. Iris shares were up 45 percent in premarket trade.
Reporting by Megha Mandavia in Bangalore; Editing by Saumyadeb Chakrabarty