UPDATE: Piper Jaffray Raises PT on Life Technologies on Acquisition by Thermo Fisher Scientific

In a report published Monday, Piper Jaffray analyst William R. Quirk reiterated a Neutral rating on Life Technologies Corp.

, and raised the price target from $63.00 to $76.00. In the report, Quirk noted, “Thermo Fisher Scientific (TMO) announced a definitive agreement to acquire Life Technologies for $76/share or ~$13.6 billion (enterprise value of ~$15.8 billion). As a reminder, earlier this year, Life issued a press release stating it had retained two investment banks to aid in its annual strategic review. This set off a run-up in LIFE shares, with news reports citing interest in a potential acquisition from private equity as well as potential strategic buyers (including TMO). Given recent news reports and Life's disclosure on its annual strategic review we view the acquisition as largely expected, although the $76/share transaction price (2014: P/E 16.1x, EV/EBITDA 11.5x) was above our expectations. We are increasing our price target to $76 to reflect the proposed acquisition price. The acquisition is expected to close in early 2014.” Life Technologies Corp. closed on Friday at $68.00.