THE multi-millionaire entrepreneur who helped scientists map DNA is set to net an £18.1m windfall when his New Forest biotechnology group is sold to a US manufacturer.

Danaher has offered to buy New Milton-based imaging and diagnostic firm Genetix in a deal valued at £63.4m.

The 85p a share all-cash offer is 56 per cent higher than the average share price over the past 12 months.

Non-executive director Mark Reid, 53 founded the firm in 1991 and made ten million pounds by reducing his stake when it floated on the London Stock Exchange in 2000. He now holds around 29 per cent of the stock.

Mr Reid is credited with making the modern-day test tube. He developed the six inch by four inch plastic tray, called the 384 Wellplate, to help scientists map human DNA in the early 1990s.

It plays an important role in helping pharmaceutical companies carry out research to combat breast cancer and Alzheimer’s disease.

Genetix employs more than 100 people at its head office and research facilities in New Milton and has a global turnover of £28m.

It specialises in three areas: software to analyse cancer-diseased tissue, microscope equipment and software, and machines and services to develop antibodies in cancer-focused cell biology.

Leading academic institutions worldwide use the company’s products, along with pharmaceutical giants such as GSK and Novartis.

Genetix will be integrated into Danaher’s Leica division, which makes microscopes.

Danaher, which posted revenues of £7.9bn last year, also makes drill chucks, mechanics’ tools, vehicle braking systems, tool storage boxes, tyre-changing equipment, voting machines and the printing devices used in ATMs.

Shareholders and investors have backed the takeover. The deal is expected to be completed in the new year.

Dr James Hill, non-executive chairman of Genetix, said: “Joining together with Danaher gives Genetix greater access to global markets and increased financial resources to achieve its growth plans.”

He added the offer “will maximise the potential of our innovative technology”.

Danaher executive vice-president Thomas Joyce said: “We believe that we can strengthen Genetix’s business by applying the Danaher business system as well as by providing Genetix with access to additional capital to continue and to accelerate its growth.

“We believe that Genetix will be an excellent addition to our Leica business.”