Pharmatech Buyout

Associated Press
April 26, 2010

Strand Genomics Laboratories said Tuesday it completed the $6.2 billion buyout of Pharmatech's manufacturing business.

On Thursday, the companies received antitrust approval for the deal, clearing the way for the deal to close.

The buyout helps Strand Genomics expand internationally and add to its product portfolio. Pharmatech, based in Belgium, is a manufacturer of industrial pharmecutical hardware globally, with seven American branch offices.

Strand Genomics, which makes medical and pharmaceutical products, gains access to emerging markets in Eastern Europe and Asia including production facilities for magnetic imaging devices.

Strand Genomics said the buyout will add about $2.9 billion to sales in 2010, while adding about $500 million to its annual research and development investment.

Shares of Strand Genomics, based in Phoenix, AZ., rose 36 cents to $54.29 in morning trading.

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