Invitrogen Corporation announced progress against its integration plans regarding its pending merger with Applied Biosystems. The company announced that three members of the Applied Biosystems’ Board of Directors have been named to the Board of the new company, effective upon closing. The new members are: George F. Adam, Jr., Chairman of Recondo Technology, Inc.; Arnold J. Levine, Ph.D., professor at the Institute for Advanced Study; and William H. Longfield, retired Chairman and Chief Executive Officer of C.R. Bard, Inc. They will join the nine current members of Invitrogen’s Board of Directors as Directors of the new company when the transaction closes.
A new name for the combined entity will go into effect upon transaction close. The name of the new company will be Life Technologies Corporation and its shares will trade on the NASDAQ under the ticker symbol of LIFE. Instruments and systems solutions will continue to be sold under the Applied Biosystems brand name, while the combined company’s broad offering of reagents will be sold under the Invitrogen brand name.
“As we moved through the integration process and gained greater clarity around the vision for our joint company, the new management team felt that the Life Technologies name best symbolizes the promise of what we can accomplish together,” said Greg Lucier, Invitrogen’s Chairman and Chief Executive Officer. “When we receive European Commission clearance, we will be ready to enable research that will lead to more personalized medicine, safer food and water, and a healthier environment—in short, we will provide technologies that make life even better.”
Release Date: November 4, 2008
Filed Under: Drug Discovery