Siemens Medical Solutions and Diagnostic Products Corporation announced yesterday that the companies are moving forward with merger plans valued at approximately $1.86 billion. There was a delay in the merger due to an antitrust waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to a release.
Diagnostic Products Corporation is a provider of vitro diagnostics products that reported fiscal 2005 sales of $481 million and income from operations of $96 million. DPC's product includes the IMMULITE series of immunoassay systems, more than 75 immunoassays and an expanding menu of essential specific allergens and allergy panels that are run just like other immunoassays. DPC also designs and manufactures automated laboratory instrumentation and automation systems.
The board of directors of each company has approved the agreement. A vote by DPC shareholders regarding the merger will take place at the end of July. The transaction is subject to customary regulatory approvals and other customary closing conditions.