<PAGE>
Filed by Invitrogen Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Invitrogen Corporation
Commission File No.: 000-25317
PRESS CONTACT: INVESTOR RELATIONS CONTACT:
Dan Katcher and Josh Silverman James Glynn
Joele Frank, Wilkinson Brimmer Katcher Invitrogen Corporation
(212) 355-4449 (760) 603-7205
ANALYST RELATIONS CONTACT:
Jennifer Jarrett
Donaldson, Lufkin & Jenrette
(415) 249-2100
INVITROGEN CORPORATION / LIFE TECHNOLOGIES, INC.
POWERPOINT PRESENTATION
JULY 10, 2000
<PAGE>
[LOGO] [LOGO]
CREATING A LEADER IN PRODUCTS AND SERVICES
FOR BIOLOGY, GENOMICS AND PROTEOMICS RESEARCHERS
<PAGE>
Certain statements contained in this presentation are considered
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, such as statements relating to development and
increased flow of new products, leveraging technology and personnel, advanced
opportunities, creation of new standards and new delivery platforms which are
prospective. Such forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from future results expressed or implied by such forward-looking
statements. Potential risk and uncertainties include, but are not limited to,
approval of the mergers, satisfaction of the conditions to closing including the
divestiture of Dexter's chemicals businesses, successful combination of the
operations of the two companies and previously-acquired companies, retention of
key personnel, the ability to manage growth, successful development and
commercialization of new products and services, continued identification,
development and licensing of new technology, competition and other risks and
uncertainties detailed from time to time in press Corporation's Securities and
Exchange filings.
<PAGE>
ADDITIONAL INFORMATION
Information regarding the identity of the persons who may, under SEC rules, be
deemed to be participants in the solicitation of stockholders of Invitrogen,
Life Technologies and Dexter in connection with the proposed mergers, and their
interests in the solicitation, are set forth in a Schedule 14A filed on the date
of this presentation with the SEC. Invitrogen, Life Technologies and Dexter will
be filing joint proxy statements/prospectuses and other relevant documents
concerning the proposed transaction with the U.S. SEC. INVESTORS ARE URGED TO
READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ON THE PROPOSED TRANSACTION. Investors will be able to obtain the
documents free of charge at the SEC's website (www.sec.gov). In addition,
documents filed with the SEC by Invitrogen may be obtained free of charge by
contacting Invitrogen Corporation, Cheri Manis, 1600 Faraday Avenue, Carlsbad,
California, 92008, (760) 603-7200. Documents filed with the SEC by Life
Technologies will be available free of charge by contacting Life Technologies,
Inc., C. Eric Winzer, Life Technologies, Inc., 9800 Medical Center Drive, P.O.
Box 6482, Rockville, Maryland 20850, (301) 610-8800. Documents filed with the
SEC by Dexter will be available free of charge by contacting Dexter Corporation,
One Elm Street, Windsor Locks, Connecticut 06096, Attention: Investor Relations,
(860) 292-7675. INVESTORS SHOULD READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY
WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION.
<PAGE>
[LOGO] [LOGO]
CREATING A LEADER IN PRODUCTS AND SERVICES
FOR BIOLOGY, GENOMICS AND PROTEOMICS RESEARCHERS
<PAGE>
PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
Transaction Overview
Invitrogen Update
LTI Overview
Invitrogen - LTI Opportunity
Financial Review
Summary
<PAGE>
TRANSACTION OVERVIEW
--------------------------------------------------------------------------------
[LOGO]
Dexter (75% of LTI)
$1.5 billion / $62.50 per share
Stock and Cash Consideration
Life Technologies, Inc.
$400 million / $60.00 per share
Stock and Cash Consideration
- Overall Equity Value: $1.9 billion
- Overall Transaction Value: $1.5 billion
<PAGE>
TRANSACTION OVERVIEW
--------------------------------------------------------------------------------
- Key Transaction Parameters
- Stock and cash consideration per shareholder election
- Maximum cash 28% of total consideration
- Cash from both Invitrogen and Dexter
- Two board representatives from LTI
- Closing conditions
- Completion of Dexter chemical business sales
- Customary regulatory reviews
- Shareholder votes
- Transactions are mutually contingent upon each other
<PAGE>
TRANSACTION OVERVIEW
--------------------------------------------------------------------------------
[LOGO]
<TABLE>
<CAPTION>
Key Operating Statistics ($MM) Key Markets and Products
------------------------------ ------------------------
<S> <C>
Revenues $409.6 Molecular Biology
EBITDA $ 72.1 - Gateway-TM- Cloning System
Net Income $ 38.3 - Platinum-Registered Trademark- Amplification Enzymes
Employees 2,025 - Competent Cells
Sales Force 256 - LipofectAMINE-TM- Reagents
Manufacturing Sites 6 Cell Culture
- Liquid and Dry Powder Media
- Cell Biology Reagents
</TABLE>
<PAGE>
TRANSACTION HIGHLIGHTS
--------------------------------------------------------------------------------
- Enhance leadership position in rapidly growing life science market
- Combine technologies to create operating system for gene cloning and
expression
- Develop proprietary expression systems and host cell lines
- Technology leadership with strong, proprietary position
- Accelerate new product development with over 280 combined R&D
professionals
- Global marketing, distribution and manufacturing resources
- Large combined revenue and cash flow base
<PAGE>
PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
Transaction Overview
Invitrogen Update
LTI Overview
Invitrogen - LTI Opportunity
Financial Review
Summary
<PAGE>
INVITROGEN UPDATE
--------------------------------------------------------------------------------
[LOGO]
<TABLE>
<CAPTION>
Key Operating Statistics ($MM) Key Markets and Products
------------------------------ ------------------------
<S> <C>
Revenues $92.9 Molecular Biology / Genomics / Proteomics
EBITDA $22.0 - TOPO/TA-TM- Cloning
Net Income $13.3 - ECHO-TM- Cloning
Sales Force 58 - Gene Expression Systems
Manufacturing Sites 3 - Electrophoresis gels
- Microarrays
- Clone collection
</TABLE>
<PAGE>
INVITROGEN UPDATE - RECENT EVENTS
--------------------------------------------------------------------------------
- Research Genetics acquisition
- Ethrog acquisition
- Affymetrix collaboration
- 35 new products introduced in 2000
<PAGE>
PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
Transaction Overview
Invitrogen Update
LTI Overview
Invitrogen - LTI Opportunity
Financial Review
Summary
<PAGE>
LTI OVERVIEW AND HISTORY
--------------------------------------------------------------------------------
- Headquarters in Rockville, MD
- Leading global supplier of:
- Molecular biology research products and services
- Cell culture products
- 1999 revenues and EBITDA of $410 million and $72 million
- Worldwide supply capabilities with production and laboratory
facilities in 4 countries
- Recent events
- BioSepra acquisition
- Introduction of Gateway-TM-
- Gene Logic collaboration
<PAGE>
MARKETS AND PRODUCTS
--------------------------------------------------------------------------------
A leading supplier of:
- Transfection reagents
- Competent cells
- cDNA cloning reagents
- PCR reagents
- Gene cloning and expression vectors
- DNA restriction and modifying enzymes
- Synthetic oligonucleotides
- Cell culture media
<PAGE>
MARKETS AND PRODUCTS
--------------------------------------------------------------------------------
Molecular Biology Products - $208MM 1999 Revenues
Gateway-TM- Nucleic Acids
Expression Systems DNA Analysis
Molecular Transfer Ultrapures
NA Purification Enzymes
Custom Oligos Other
Services
Cell Culture Products - $202MM 1999 Revenues
Liquid Media Cellular Biochemistry
Dry Powder Media Plastics and Equipment
Reagents Other
Sera Fetal Bovine Serum
<PAGE>
MARKETING AND DISTRIBUTION
--------------------------------------------------------------------------------
[GRAPH]
- Over 200 field sales and 50 technical services personnel worldwide
- Distributor relationships in 40 additional countries
<PAGE>
MANUFACTURING
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Size
Function (in Sq. Ft.)
-------------------------------------
<S> <C> <C>
Grand Island, New York M, D, R&D 175,000
Fredrick, Maryland M, D 238,000
Inchinan, Scotland M, D 132,000
Cergy Pontoise, France M, R&D 15,000
Auckland, New Zealand M, W, A 87,000
Christchurch, New Zealand M 25,000
</TABLE>
----------------
M = Manufacturing
W = Warehouse
D = Distribution
R&D = Research & Development
A = Administration
<PAGE>
RESEARCH AND DEVELOPMENT
--------------------------------------------------------------------------------
- 177 personnel in LTI worldwide R&D group
- Over 189 issued patents
- Over 240 licenses
<TABLE>
<CAPTION>
Locations R&D Group Structure
Total Ph.D Product Development Support
---------------------------- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Maryland 132 43 Amplification 14 Chemistry 8
Grand Island 32 10 Purification 15 Protein Chemistry 14
Paris 7 1 Gene Expression 53 Engineering 7
New Zealand 6 2 Cell Culture 32 Technical Mfg. 19
Bio Sepra 7 Intellectual Property 3
Protein Separation 6
</TABLE>
<PAGE>
PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
Transaction Overview
Invitrogen Update
LTI Overview
Invitrogen - LTI Opportunity
Financial Review
Summary
<PAGE>
INVITROGEN - LTI OPPORTUNITY
--------------------------------------------------------------------------------
- Leading player in high growth molecular biology market
- Combine key technologies to create operating system for gene cloning
and expression
- Proprietary technology base
- Strong financial position
<PAGE>
MARKET LEADERSHIP IN MOLECULAR BIOLOGY
--------------------------------------------------------------------------------
[GRAPH]
DISCOVERY CYCLE
1. Sequence
2. Identify
3. Clone
4. Express
5. Analyze
IVGN PRODUCTS
Electrophoresis gels
Microarrays
Fast Track-TM- Kits
Bioinformatics
TOPO/TA-TM- Cloning
ECHO-TM- Cloning
Expression Systems
<PAGE>
[GRAPH]
DISCOVERY CYCLE
1. Sequence
2. Identify
3. Clone
4. Express
5. Analyze
IVGN
Electrophoresis gels
Expression Systems
Microarrays
Fast Track-TM- Kits
Bioinformatics
TOPO/TA-TM- Cloning
ECHO-TM- Cloning
LTI
Benchmark-TM- Protein Ladders
Glutomax-TM- media
Competent Cells
Transfection reagents
Gibco BRL -Registered Trademark- Custom primers
Superscript-TM- RNase
Gateway-TM-
Platinum-Registered Trademark- Amplification enzymes
- Biomolecular Production (LTI)
- Cell culture media
- Reagents
- BioSepra
<PAGE>
MOLECULAR BIOLOGY MARKET - KITS & REAGENTS
--------------------------------------------------------------------------------
[GRAPH]
<TABLE>
<CAPTION>
1998 1999 2000 2001 2002
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Reagents - 10% Growth 750 825 908 998 1098
Kits - 19% Growth 670 797 949 1129 1344
</TABLE>
<PAGE>
GENE CLONING AND EXPRESSION KIT MARKET
--------------------------------------------------------------------------------
[GRAPH]
ACCELERATING CONVERSION, MARKET SHARE
Current Kit Market $270 million 32% growth
Potential Kit Market $328 million 30% growth
Total Potential Kit Market $600 million, 31% Growth
Operating System
IVGN
----------------------------
- TOPO/TA-TM-
- ECHO-TM-
- Competent Cells
- Expression Systems
LTI
----------------------------
- cDNA
- Gateway-TM-
- Competent Cells
- Transfection Reagents
<PAGE>
MARKET LEADERSHIP IN GENE CLONING AND EXPRESSION
--------------------------------------------------------------------------------
- Combination of Invitrogen and LTI creates complete operating system for
cloning and expression
[GRAPH]
Human Genome Sequence
PCR Cloning(TOPO/TA-TM-)
cDNA Libraries(LTI GeneTrapper-TM-)
cDNA Clones
Gateway-TM- Cloning
ECHO-TM- Cloning
Prokaryotic Expression
Mammalian Expression
Insect Expression
Yeast Expression
PROTEINS FOR:
Analysis
Function
Interactions
Screening
- Technology applicable for basic laboratory or high throughput
- High throughput applications accelerating
<PAGE>
OPERATING SYSTEM OPPORTUNITIES
--------------------------------------------------------------------------------
[GRAPH]
OPERATING SYSTEM
- Gene Cloning
- Gene Expression
PRODUCTS
LTI
- Proprietary Growth Media
- Restriction Enzymes
- Markers
- Custom Oligos
- Services
IVGN
- TOPO/TA-TM-
- ECHO-TM-
- Competent Cells
- Expression Systems
ACCELERATING GROWTH, MARKET SHARE
- Proprietary Cloned Protein Expression Systems
- Proprietary Cell Lines
- Proprietary Growth Media
$1.5 Billion Cell Biology Market, 11% Growth
<PAGE>
GLOBAL MARKETING AND DISTRIBUTION RESOURCES
--------------------------------------------------------------------------------
[GRAPH]
NORTH AMERICA
IVGN
Direct 44
Tech 14
LTI
Direct 91
Tech 29
Total 178
PF REVENUE:
$287MM
EUROPE
IVGN
Direct 14
Tech 8
LTI
Direct 102
Tech 12
Total 136
PF REVENUE:
$152MM
ASIA
LTI
Direct 63
Tech 9
Total 72
PF REVENUE:
$60MM
Combined relationships with distributors in over 40 additional countries
<PAGE>
GLOBAL MANUFACTURING RESOURCES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Size
Function (in Sq. Ft.)
-----------------------------------
<S> <C> <C>
Grand Island, New York M, D, R&D 175,000
San Diego, California M, D, R&D, W, A 54,000
Fredrick, Maryland M, D 238,000
Atlanta, Georgia M, D, R&D, W, A 50,000
Inchinan, Scotland M 132,000
Cergy Pontoise, France M, R&D 15,000
Heidelberg, Germany M, D 18,000
Auckland, New Zealand M, W, A 87,000
Christchurch, New Zealand M 25,000
</TABLE>
M = Manufacturing
W = Warehouse
D = Distribution
R&D = Research & Development
A = Administration
<PAGE>
TECHNOLOGY LEADERSHIP
--------------------------------------------------------------------------------
- A genomics industry leader in the cataloging and distribution of
full-length clones
- Over 200 combined issued and pending patents
- Over 300 combined licenses
- Intellectual property covering key gene cloning and expression technologies
- Key genomics collaborations
- Opportunity to increase R&D spending
Combined R&D organization: over 280 people
<PAGE>
INTEGRATION OPPORTUNITIES
--------------------------------------------------------------------------------
- Bundle and co-market key complimentary product lines
- Use of excess manufacturing capacity
- Utilization of LTI European and Asia direct sales and marketing
- Extend Invitrogen technical sales reps to LTI products
- Consolidate corporate resources
Main Focus: Take advantage of combined resources to
enhance revenue growth opportunities and market position
<PAGE>
PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
Transaction Overview
Invitrogen Update
LTI Overview
Invitrogen - LTI Opportunity
Financial Review
Summary
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
- Transaction highly accretive to Invitrogen cash EPS
- Significant combined revenue and operating cash flow
- Expanded market opportunities for growth
- Combined company infrastructure provides cost avoidance and operating
leverage opportunities
<PAGE>
STRONG COMBINED FINANCIAL POSITION
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Pro Forma 1999 Income Statement ($MM) % of Revenues
-------------------------------------- --------------
<S> <C> <C>
Molecular Biology Revenues $300.0 59.7%
Cell Culture Revenues 202.5 40.3%
------ -----
Total 502.5 100.0%
Gross Profit 283.1 56.3%
Marketing & Selling Expense 113.0 22.5%
R&D Expense 38.5 7.7%
G&A Expense 54.3 10.8%
EBITDA 94.1 18.7%
Net Income(1) 41.1 8.2%
Cash EPS (1) (2) $ 0.92
Shares Outstanding 44.7
</TABLE>
(1) Excluding amortization of goodwill charges
(2) Basic EPS assuming no conversion of IVGN Convertible Debentures
<PAGE>
STRONG COMBINED FINANCIAL POSITION
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Pro Forma Balance Sheet ($MM)
--------------------------------------
<S> <C>
Cash and Equivalents $ 39
PP&E $ 151
Goodwill and Intangibles $1,689
Total Assets $2,208
Long-Term Debt $ 7
IVGN Convertible Debt $ 173
Shareholders' Equity $1,773
</TABLE>
<PAGE>
STRATEGIC FOCUS
--------------------------------------------------------------------------------
1999 Pro Forma
Revenue Composition
[GRAPH]
<TABLE>
<CAPTION>
Molecular Biology Cell Culture
----------------- ------------
<S> <C> <C>
East 60 40
</TABLE>
- Investment in R&D
- Market Penetration
- New Product Opportunities
<PAGE>
FINANCIAL OBJECTIVES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1999 PF
% of
Revenue Targets
------- -------
<S> <C> <C>
Revenue
Molecular Biology 59.7% 70-75%
Cell Culture 40.3% 25-30%
Gross Profit 56.3% 58-60%
Marketing & Selling 22.5% 22-25%
Research & Development 7.7% 10-12%
General & Administrative 10.8% 7-9%
EBITDA 18.7% 20-22%
Operating Income 14.6% 15-17%
Net Income 8.2% 10-12%
</TABLE>
Long-term cash EPS growth target: 20-25%
<PAGE>
PRESENTATION OVERVIEW
--------------------------------------------------------------------------------
Transaction Overview
Invitrogen Update
LTI Overview
Invitrogen - LTI Opportunity
Financial Review
Summary
<PAGE>
SUMMARY
--------------------------------------------------------------------------------
- Rapid market growth driven by genomics revolution
- A leading industry player
- Significant proprietary position
- Limited regulatory issues
- Outstanding marketing and distribution capabilities
- Significant revenues and cash flow
