Sigma-Aldrich Corp. is paying $350 million in cash to buy biopharmaceutical testing services provider Rockville, Maryland-based BioReliance Holdings Inc. from Avista Capital Partners, Reuters reported Monday. The deal is expected to close in the first quarter of this year.
(Reuters) – Sigma-Aldrich Corp, said it will buy biopharmaceutical testing services provider BioReliance Holdings Inc from Avista Capital Partners for $350 million in cash.
Sigma-Aldrich, which makes chemicals used for scientific research, expects to fund the acquisition with a combination of existing cash and credit facilities.
It expects the deal to close in the first quarter of the year and moderately add to 2012 earnings.
Morgan Stanley acted as the financial advisor to Sigma-Aldrich, while J.P. Morgan advised BioReliance.
Rockville, Maryland-headquartered BioReliance employs over 650 people worldwide and generated revenues of about $110 million in 2010.