Fujifilm Holdings to acquire US biotech firm for $307 million

Japan’s Fujifilm Holdings (TYO: 4901) has entered into a definitive agreement to acquire US biotech firm Cellular Dynamics International (Nasdaq: ICEL) through an all-cash tender offer to be followed by a second step merger.

Fujifilm aims to acquire all issued and outstanding shares of CDI's common stock for $ 16.5 per share or around $ 307 million (on a fully diluted basis). The offer represents a premium of 108% to CDI's closing price on March 27. On completion of the transaction, CDI will continue to run its operations in Madison, Wisconsin, and Novato, California, as a consolidated subsidiary of Fujifilm. The announced transaction has been unanimously approved by the boards of directors of both companies. The tender offer will close during the second calendar quarter of 2015.

CDI, developer and manufacturer of fully functioning human cells in industrial quantities to precise specifications, was founded in 2004 and listed on Nasdaq in July 2013. The company had global revenues of $16.7 million in the year ended, December 31, 2014 and had 155 employees as of December 31, 2014.