MDS In Deal To Buy Molecular Devices

MDS has agreed to pay $615 million in cash to acquire Molecular Devices, a Sunnyvale, Calif.-based provider of instrumentation for screening, cellular analysis, and biochemical testing. Based in Canada, MDS has businesses in pharmaceutical contract research, medical isotopes, radiotherapeutics, and analytical instruments. After the acquisition, it intends to merge Molecular Devices with its MDS Sciex mass spectrometry unit. The combined life sciences research products and instrumentation business will have more than 1,100 employees, including about 250 scientists and engineers. For the 12 months ending Sept. 30, 2006, Molecular Devices had revenues of $185 million.