Lake Forest-based Idex buying equipment maker Microfluidics

NEW YORK (AP) — Idex Corp. said Tuesday it will acquire Microfluidics International Corp., which makes equipment that laboratories and commercial companies use to make materials for the drug and chemical markets.

Idex said its offer values Microfluidics at $1.35 per share, a 69 percent premium above its weighted average closing price over the past 30 days.

Microfluidics, based in Newton, Mass., reported $16 million in revenue in 2009. The all-cash deal is expected to close during the first quarter.

Idex, based in Lake Forest, manufactures the Jaws of Life rescue equipment and other products. It expects the purchase to add to its profit in 2011.

As part of the deal, a unit of biotechnology company Celgene Corp. will sell Idex a $5 million Microfluidics debenture that can be converted into approximately 28 percent of Microfluidics stock. Celgene will also cancel all outstanding warrants to buy Microfluidics shares. Microfluidics directors and executives have agreed to tender their shares in support of the deal. The companies said those executives, including founder Irwin Gruverman, own about 16 percent of the company's stock.

Idex shares rose 48 cents to $39.18 in morning trading, while Microfluidics shares jumped 48 cents, or 56.5 percent, to $1.33.