Agilent Technologies has signed an agreement to acquire US-based BioTek Instruments for around $1.165bn (£929m).
Image: Agilent Technologies has agreed to acquire BioTek Instruments. Photo: courtesy of Tumisu from Pixabay.
The net purchase price is expected to be around $1.05bn (£837m), with anticipated tax benefits for Agilent.
BioTek CEO Briar Alpert said: “BioTek and Agilent have already been in partnership for over a year, successfully unlocking significant value through joint development of customer solutions.
“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.”
Based in Winooski of Vermont, BioTek is engaged in design, manufacture and distribution of advanced life science instrumentation.
The company’s product portfolio is comprised of cell imaging systems, microplate readers, washers, dispensers, automated incubators and stackers.
BioTek reported revenues of $162m (£129m) in the fiscal year 2018, and is expected to increase by around 10% in 2019.
Subject to regulatory approvals and customary closing conditions, the deal is expected to complete in Agilent’s fiscal fourth quarter of this year.
In 2015, Agilent entered the cell analysis segment with the acquisition of Seahorse Bioscience, which offers specialised instruments and live-cell, kinetic assays.
Agilent Seahorse XF, which will be used in cellular metabolism analysis, will enable allowing researchers to better understand metabolic profiles in live cells.
In September 2018, Agilent acquired ACEA Biosciences, which develops and commercialises high- performance cell analysis platforms for life science research.
Agilent president and CEO Mike McMullen said: “The combination of these two companies will accelerate our multi-year growth strategy to expand our position in cell analysis.
“This is another example of Agilent investing in high-growth segments of the life sciences market to serve new and existing customers.”
BioTek’s products will facilitate life science research by offering cost-effective analysis and quantification of biomolecules, biomolecular interactions and cellular structure and function across diverse applications.
With more than 15,550 employees across the world, Agilent provides instruments, software, services and consumables to the sciences, diagnostics and applied chemical markets.