Life Technology’s shares crept higher following reports that the San Diego-based biotechnology company is the target of a $12 billion buyout from a joint team of investors led by private equity firm KKR & Co. LP.
The company’s market capitalization is $11.28 billion.
The New York Post reported on April 9 that along with KKR, Blackstone, Carlyle, TPG and Temasek were collaborating to buy Life.
Shares were up 1.3 percent, from $65.33 to $66.19 at market close yesterday. It briefly reached a new 52-week high of $67.29 on Tuesday morning.
The company’s stock value has surged following the initial January speculation that Life Technologies was up for sale. Shares closed at $54.97, the day before the initial rumors began, and have since increased more than 20 percent.
The New York Post cited sources who said that suitors must make “binding” offers for the company by April 9.
Neither KKR nor Life Technologies was available for comment.
— SDBJ Staff Report