PerkinElmer acquires life science antibodies maker BioLegend for $5.25bn
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PerkinElmer acquires life science antibodies maker BioLegend for $5.25bn

20 Sep 2021 (Last Updated September 20th, 2021 09:48)

The acquisition of BioLegend further expands PerkinElmer’s life science business into new areas.

PerkinElmer acquires life science antibodies maker BioLegend for $5.25bn
BioLegend develops antibodies and reagents for biomedical research. Credit: Ernesto Eslava / Pixabay.

PerkinElmer has completed the acquisition of BioLegend, which manufactures life science antibodies and reagents, for a total consideration of approximately $5.25bn.

The latest move follows an agreement signed by the company to acquire BioLegend in July.

BioLegend manufactures antibodies and reagents for biomedical research at its facility located in San Diego, California, US.

PerkinElmer stated that the deal expands its life science business into cytometry, proteogenomics, multiplex assays, recombinant proteins, magnetic cell separation and bioprocessing.

It also noted that the deal with BioLegend will be the company’s largest acquisition to date.

PerkinElmer CEO and president Prahlad Singh said: “BioLegend’s stellar leaders, teams and technologies will play a critical role in our combined companies’ ability to provide new, innovative solutions to scientists – helping drive novel therapeutic discovery and development.

“We also look forward to BioLegend significantly enhancing our leading reagents portfolio as we partner together to innovate and advance science for our customers.”

Additionally, BioLegend is expected is generate $380m in revenue and contribute $0.30 of adjusted earnings per share accretion to PerkinElmer next year.

BioLegend founder, president and CEO Gene Lay said: “PerkinElmer’s broad life science platform and strong global infrastructure will help BioLegend continue to extend our mission of enabling our customers to do legendary discovery.”

In July, PerkinElmer expanded its KRAS oncology drug discovery assays with the launch of four new ready-to-use AlphaLISA KRAS kits.

The new kits are designed to help scientists better understand complex KRAS protein structures as well as their mutations.

This helps with the precise identification of potential new therapeutic candidates for a wide range of prevalent cancers.

The addition of the new AlphaLISA KRAS kits further boosts the company’s ability to provide end-to-end solutions for oncology researchers.