Life Technologies buying Ion Torrent

CARLSBAD, Calif.

Life Technologies Corp., a life sciences and medical research tools company, said Tuesday it will buy Ion Torrent for $375 million in cash and stock, expanding its DNA sequencing business.

Ion Torrent, based in Guilford, Conn., is entitled to an additional consideration of $350 million in cash and stock upon the achievement of certain technical and time-based milestones through 2012.

Life Technologies' board of directors approved an additional stock buyback program in order to repurchase its shares associated with the stock portion of the deal.