Correction: Thermo Fisher-Life Technologies story

Published on NewsOK Modified: April 17, 2013 at 12:20 pm •  Published: April 17, 2013

In an April 15 story about Thermo Fisher Inc.'s plan to buy Life Technologies Corp., The Associated Press misidentified the gender of Morningstar analyst Charlie Miller, who is a woman. The story should have referred to Miller on second reference as a "she," not "he."

A corrected version of the story is below:

Thermo Fisher to buy Life Technologies for $13.6B

Thermo Fisher to buy Life Technologies in $13.6 billion cash deal


AP Business Writer

Thermo Fisher Scientific Inc. plans to pay about $13.6 billion for Life Technologies Corp. in a deal that will position the scientific instrument maker to benefit from the expected growth of personalized medicine, which uses genetic analysis to tailor treatments to patients.

The Waltham, Mass., company said Monday morning it has agreed to spend $76 in cash for each share of Life Technologies, which is based in Carlsbad, Calif. Shares of both companies then started climbing before markets opened and continued to rise into the afternoon.

Life Technologies offers more than 50,000 products and delves into genetic analysis and engineering, stem cell therapies and chemicals used in forensics and food safety. Its next-generation DNA sequencing, currently used in research labs, is designed to sequence a person's entire genome in one day for $1,000, which is faster and cheaper than previous forms of analysis.

DNA sequencing helps analyze a person's genetic predisposition for diseases like cancer and can potentially help doctors better understand how a disease will grow and spread, allowing them to focus on more effective treatments. Thermo Fisher CEO Marc N. Casper said they expect that technology to be a key driver of long-term growth.

"Over time, the expectation is there will be more and more clinical applications for that technology, meaning that doctors can then use the information to make determinations on disease state and what course of action they should take," he said.

Morningstar analyst Charlie Miller said DNA sequencing already is used in areas like oncology and prenatal diagnostic testing, and she expects "significant adoption" of the Life Technologies sequencing over the next five years.

The analyst wrote in a research note she considers that next-generation sequencing business to be "the best in the industry," and she said it will fill a major gap in Thermo Fisher's product portfolio.

"Life's core business has been stagnant for a while, so the hope is Thermo Fisher, being a better operator, will reinvigorate this unit," Miller wrote.

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