Biotech company Invitrogen announced today (Jun 12) that it will acquire Applied Biosystems in a deal valued at $6.7 billion.

"This transaction combines the industry's premier consumables provider with the industry's premier systems provider to create a world-class biotechnology tools company," said Gregory Lucier, chairman and CEO of Invitrogen, in a statement issued by the company. "With this acquisition, we are nearly doubling our consumables business as almost half of Applied Biosystems's revenues are consumable in nature," continued Lucier, who will serve as CEO of the combined company. "It also provides significant value creating opportunities for customers, shareholders and employees alike."

According to the Invitrogen statement, the merged company is expected to fetch approximately $3.5 billion in revenue and will maintain about 3,000 sales and service employees.

The company created by the merger, expected to close this fall pending regulatory and shareholder approval, will retain the Applied Biosystems name while operating out of Invitrogen's Carlsbad, CA headquarters. The new company's board will comprise nine current Invitrogen board members and three Applied Biosystems board members.