PerkinElmer ( PKI) said late Monday that it's acquiring biotechnology company ViaCell ( VIAC) in a cash deal worth $7.25 a share, or about $300 million.
The acquisition will add ViaCell's umbilical-cord-blood-preservation technology to PerkinElmer's neonatal genetic-screening business. The companies expect the transaction, which has been unanimously approved by both boards, to close in the fourth quarter. PerkinElmer anticipates it will slightly cut its 2008 adjusted earnings, but improve its profits the following year. ViaCell ended regular trading at $4.77, then surged $2.31, or 48.4%, to $7.08 in extended action. PerkinElmer edged up 4 cents, or 0.1%, to $29.90 after the close.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).