LAWRENCEVILLE - Serologicals Corp., one of Gwinnett's largest bioscience businesses, is being sold to a Massachusetts company for about $1.4 billion in cash.
The agreement with Millipore Corp., headquartered in the Boston area, was announced Tuesday. It will bring Serologicals shareholders $31.55 in cash for each share of company stock they own.
The deal is expected to close June 30, pending Serologicals shareholder approval.
What the merger means for the future of Serologicals in Gwinnett is unclear. Chief Financial Officer Bud Ingalls said "it's very likely" Serologicals will become a key bioprocessing division for Millipore, allowing the Norcross-area company to stay in what is now its corporate headquarters building on Spalding Drive in Peachtree Corners.
"It's going to be Millipore's decision," Ingalls said. "They'll definitely want to keep their headquarters up north."
The combined companies are projected to create $1.4 billion in annual revenues, employ about 5,800 workers and improve their ongoing research and development into new products.
Serologicals supplies biological products and related technologies that are used in fields such as immunology, cardiology, and neurology. Millipore, a bioprocessing company with 4,800 employees, expects the merger to make it a leader in the development of new drugs and stem cell research.
"Our acquisition of Serologicals is transformational," Millipore President and CEO Martin Madaus said in a press release.
"This move will significantly increase our life sciences footprint and will advance many of our strategic objects. Serologicals and Millipore are two of the fastest growing companies in our sector, and our combination will create a company with very attractive growth and profitability."