Agilent expands cell analysis portfolio with BioTek acquisition
Agilent Technologies has signed a definitive agreement to acquire the privately owned BioTek Instruments for $1.165 billion. With anticipated tax benefits for Agilent, the net purchase price is expected to be approximately $1.05 billion.
Headquartered in Vermont, USA, BioTek is a designer, manufacturer and distributor of innovative life science instrumentation. Its comprehensive product line includes cell imaging systems, microplate readers, washers, dispensers, automated incubators and stackers.
Agilent, meanwhile, is a global leader in life sciences, diagnostics and applied chemical markets with over 15,000 employees worldwide. The company first entered the cell analysis segment in 2015 with the acquisition of Seahorse Bioscience, before acquiring Luxcel Biosciences in January 2018 and ACEA Biosciences in September that year.
“BioTek represents a strong strategic fit with Agilent,” said Agilent President and CEO Mike McMullen. “The combination of these two companies will accelerate our multiyear growth strategy to expand our position in cell analysis.
“Agilent is committed to continuing operations in Vermont and retaining the great team of nearly 500 employees that have been at the core of BioTek’s 50-year history of excellence and success.”
“BioTek and Agilent have already been in partnership for over a year, successfully unlocking significant value through joint development of customer solutions,” said Briar Alpert, CEO of BioTek. “Both companies share the same focus on customers and employees, as well as a similar purpose, mission and values. I am confident that this is the winning formula for our employees and customers around the world.”
The transaction is expected to be completed in Agilent’s fiscal fourth quarter of this year, subject to regulatory approvals and customary closing conditions. Agilent expects the acquisition will be accretive to non-GAAP earnings per share, contributing $0.02–$0.04 for fiscal year 2020, and compounding growth thereafter.
“By combining BioTek’s offerings with Agilent’s, we will deliver a breadth of differentiated workflows, enabling customers to obtain deeper, more reliable insights across a variety of cell analysis applications,” said Jacob Thaysen, President of Agilent’s Life Sciences and Applied Markets Group. “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.”
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