Invitrogen buys Novex for $50 million

Invitrogen Corp has signed a definitive agreement to acquire Novex, asupplier of electrophoresis products, in a deal valued at over $50 million. Invitrogen will issue approximately 2.5 million shares for all of the capital stock of Novex. Invitrogen, which had revenues of $31.4 million and net income of $3 million in 1998, focuses on products for gene cloning and protein expression.

Lyle Turner, Invitrogen's chief executive, said that the acquisition of Novex "is part of our business strategy to expand our leadership in providing products that accelerate gene discovery and analysis," adding that the merger creates long-term potential for profitability.