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Agilent to measure up BioTek deal
Posted on Friday, 12 July 2019 12:41
Agilent Technologies is buying US-based BioTek, a manufacturer of life sciences instruments, for USD 1.17 billon.
Headquartered in Vermont, the target designs, makes and distributes products such as automated cell imagers, multi-mode microplate readers and liquid handling process control software which can be used to program washers, dispensers and combination liquid handling systems.
As a result, BioTek’s offerings enable further life science research by providing customers with high-performance and low-cost analysis across a range of applications.
For the fiscal year ended 31st December 2018, the group posted revenue of USD 162.00 million and expects to grow by around 10.0 per cent in FY 2019.
The deal, which is slated to complete in the fourth quarter of Agilent’s current fiscal year, is projected to increase the buyer’s non-generally accepted accounting principles earnings per share by USD 0.02 to USD 0.04 in fiscal year 2020.
Jacob Thaysen, president of the acquiror’s life sciences and applied markets group, said: “This positions Agilent well in the large and growing immuno-oncology and immunotherapy markets and expands our presence in biopharma, academia and research as customers seek to understand complex cellular environments and interactions.”
Established in 1999, Agilent provides instrumentation, services and consumables, among others, for laboratories worldwide.
Its products include cell analysis equipment such as Seahorse XF analysers, which measure the oxygen consumption and extracellular acidification rate of live cells in a multi-well plate.
In the six months to 30th April 2019, the company generated revenue of USD 2.52 billion, up from USD 2.42 billion in the corresponding period of 2018.
Mike McMullen, chief executive of Agilent, said: “The combination of these two companies will accelerate our multi-year growth strategy to expand our position in cell analysis.”
The deal with BioTek represents the buyer’s first acquisition of this year, according to Zephyr, the M&A database published by Bureau van Dijk, having last snapped up ACEA Biosciences, a US developer of cell analysis tools, for USD 250.00 million in cash in November 2018.
Zephyr shows there have been 377 deals targeting surgical and medical instrument manufacturers announced worldwide since the beginning of 2019.
3M, in the largest of these, agreed to buy US-based Acelity for USD 6.72 billion.
© Zephus Ltd