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Thermos Fisher (TMO) Stock Closed Up on Affymetrix Acquisition

NEW YORK (TheStreet) -- Thermo Fisher Scientific (TMO - Get Report) stock closed up by 0.51% to $134.88 on heavy trading volume on Monday, after the company announced it is buying Affymetrix (AFFX) for $1.3 billion.

The biotechnology product development company will buy Affymetrix for $14 per share, the company announced on Monday. Affymetrix is a Santa Clara, CA-based company that provides cellular and genetic analysis products.

The deal, which will add 10 cents to Thermos Fisher's earnings in the first year, is expected to close by the end of the 2016 second quarter.

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"The acquisition of Affymetrix will strengthen our leadership in biosciences and create new market opportunities for us in genetic analysis," Thermo Fisher CEO Marc Casper said in a statement. "In biosciences, the company's antibody portfolio will significantly expand our offering in the fast-growing flow cytometry market, and customers will have greater access to these products through our global scale and commercial...