Clarient Inc., an Aliso Viejo cancer testing company, said on Friday that it is being acquired by General Electric Co.’s healthcare unit for $587 million.
GE is paying 34% more than what Clarient was worth before the offer was announced.
The Stamford, Conn.-based conglomerate said buying Clarient, which provides cancer testing for pathologists, oncologists and drug makers, would help it expand its disease diagnostic offerings.
Clarient expects to have revenue of $108 million to $115 million this year.
GE’s healthcare unit, which has annual revenue of $16 billion, values the acquisition at $580 million.
Safeguard Scientifics Inc. of Wayne, Pa., which owns 26% of Clarient, puts a slightly higher $587 million value on the deal.
Safeguard has said it expects to receive about $145 million in sale proceeds for its share of Clarient.
Shares of Clarient shot up around 33% near the close of Friday trading with a market value of about $440 million.
The deal’s expected to close later this year or early 2011.
Clarient has spent most of the past six years reinventing itself after nearly running out of money at the end of 2003.
The company was once known as ChromaVision Medical Systems Inc. and made laboratory instruments that doctors used to help manage breast cancer cases.
