Fisher Scientific acquires PSS World Medical

July 5, 2000

Fisher Scientific has acquired specialty medical marketer and distributor PSS World Medical in a tax-free, stock-for-stock transaction valued at $840 million. Fisher supplies laboratory supplies and equipment, e-commerce technology, and other services to

Fisher Scientific has acquired specialty medical marketer and distributor PSS World Medical in a tax-free, stock-for-stock transaction valued at $840 million. Fisher supplies laboratory supplies and equipment, e-commerce technology, and other services to the scientific research community.

In February, PSS hired an investment banking firm to help its board of directors investigate ways to increase the value of its stock for shareholders. PSS has been looking for an acquisition partner since then, the company said. The company had built a presence in the medical imaging industry through acquisitions and distribution agreements.

In 1996, PSS acquired Diagnostic Imaging. Three years later, Diagnostic Imaging signed an agreement with Philips Medical Systems North America that gave DI exclusive distribution rights to Philips’ Tomoscan EG CT and BV25 Gold Mobile C-arm systems. Last month Diagnostic Imaging revised a distribution agreement with SonoSite, allowing other companies—such as ATL Ultrasound—to include the SonoSite 180 handheld ultrasound system with sales of their own ultrasound systems (SCAN 6/7/00).