Cytyc (CYTC) Acquires Adiana
More News related to CYTC
- S&P Changes: HOLX, TRAK, DCT
- Cytyc (CYTC) Announces Special Meeting of Stockholders to Vote on Proposed Merger with Hologic
- CYTYC Corp (CYTC) Reports In-Line Q2
- Cowen & Co Downgrades Cytyc Corp (CYTC) to Neutral - DJ
- Cytyc (CYTC) Now in Compliance with Nasdaq Rules After Filing 10-Q
More News related to Mergers and Acquisitions
- Metalline Mining (MMG) and Dome Ventures Agree to Merger Deal
- Pepsi (PEP) Company Completes Acquisition of Conway-Myrtle Beach Bottler
- Hershey (HSY), Nestle said to have been in contact about Cadbury (CBY)
- Kraft Singles Itself Out as Buyer for Cadbury
- Brookfield Positions To Bid for General Growth Properties (GGWPQ)
Cytyc Corporation (Nasdaq: CYTC) entered into a definitive agreement to acquire Adiana, Inc., a privately-held company that has developed a novel, non-incisional alternative to tubal ligation for permanent contraception for women.
Based on the agreement, Cytyc will make an initial upfront $60 million cash payment plus milestone payments. The milestones include a potential FDA milestone payment and a four-year earnout based on sales growth. The acquisition will be funded out of existing cash and the Company's existing credit facility. According to the terms of the agreement, total payments, including the four-year earnout, will not exceed $215 million.
Due to this transaction, Cytyc is narrowing 2007 diluted earnings per share guidance to be in the range of $1.30 - $1.35. Because of significant sales synergies, Cytyc expects the business to break even in terms of earnings per share within three quarters after receiving FDA approval.
Related Categories
Mergers and AcquisitionsStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
