Updated from 6:40 p.m. ET to include BioSante Pharmaceuticals.. NEW YORK ( TheStreet) -- Shares of Novellus Systems ( NVLS) rose in late trades on Wednesday after the company agreed to be acquired by Lam Research ( LRCX - Get Report) for $3.3 billion in stock. The deal values Novellus shares at $44.42 each, a premium of 28% to the regular-session close at $34.70. The stock was last quoted at $38.25, up more than 10%, on volume of less than 50,000 before trading was halted. Lam is swapping 1.125 shares for each Novellus share. It expects the deal, which is projected to close in the second calendar quarter of 2012, to add to its adjusted earnings within a year of the transaction's close. Shares of Lam Research were last quoted at $38.50, down 2.5%, on volume of more than 60,000 in extended trades. The news prompted buying in a number of other chip testing and fabrication companies, namely KLA-Tencor ( KLAC - Get Report), up 2.5% to $47.30 on volume of more than 100,000; and Teradyne ( TER - Get Report), gaining 5.5% to $13.59 on volume of nearly 500,000.
The stock was last quoted at $40.06, down 1.2%, on volume of less than 40,000, according to Nasdaq.com. Based on Wednesday's regular session close at $40.55, the shares are up more than 11% so far in 2011. Wall Street was split on the company ahead of the report of six of the 11 analysts covering the shares at either strong buy (5) or buy (1), and the remainder at hold (5).