Invitrogen to Buy Dexter, Life Technologies

Invitrogen Corp., a developer of medical kits for genetic research, has agreed to buy chemical maker Dexter Corp. and biological-products maker Life Technologies Inc. for $1.9 billion in cash and stock to build gene-research services.

The sale could thwart a hostile bid by rival International Specialty Products Inc. for Dexter, founded in 1767 and the oldest company on the New York Stock Exchange. ISP has offered $1 billion and has been trying since December to take over Dexter and its 75% stake in Life Technologies, which makes biological material for genetic research.

Dexter shares were unchanged at $48 on Friday, while Carlsbad-based Invitrogen rose $3.63 to close at $77.13 on Nasdaq. Life Technologies fell $1.50 to close at $49 in over-the-counter trading. Dexter shares have risen 47% since ISP made its offer.

Dexter shareholders would receive $62.50 per share in cash and stock, a 30% premium to Friday’s closing price. Owners of the 25% of Life Technologies stock not held by Dexter will receive $60 a share in cash and stock, a 22% premium.

The announcement comes days before Dexter shareholders are to meet in Hartford, Conn., on Friday for their annual meeting.

Wayne, N.J.-based ISP, which owns 14% of Life Technologies, has offered $45 a share for Dexter. The company was expected to issue a statement later Sunday.

Life Technologies, of Rockville, Md., sells products to scientists developing treatments by gene research.

Windsor Locks, Conn.-based Dexter, which makes chemicals used in products from tea bags to aerospace equipment, agreed previously to sell substantially all of its chemical businesses to separate companies, leaving its stake in Life Technologies as its biggest asset.