Scientific instruments maker PerkinElmer has signed a definitive agreement to purchase 100% stake in Germany-based Euroimmun Medical Laboratory Diagnostics for around $1.3bn.
The acquisition is expected to boost PerkinElmer’s presence in autoimmune and allergy diagnostics, as well as provide new infectious disease capabilities to Chinese customers.
The deal will further allow the firm to leverage technologies, market positions and complementary commercial activities to offer better solutions for its expanding customer base.
PerkinElmer chairman and CEO Robert Friel said: "With the acquisition of Euroimmun and its talented team of professionals, we are able to leverage our combined advanced detection, imaging and assay development capabilities, along with our strong collective market positions and synergistic commercial activities, to deliver better and more complete solutions to our customers around the world.”
PerkinElmer's global diagnostics portfolio will comprise of solutions related to reproductive health, autoimmunity, infectious disease, allergy, gene analyses, and genomics for oncology through a variety of instruments, reagents, assay platforms, and software offerings.
Euroimmun carries expertise in immunology, histology, biochemistry, cell and molecular biology for autoimmune, infectious disease and allergy testing.
With average revenue growth of 19% over the past five years, and sales in more than 130 countries last year, the firm’s revenue is estimated to be up to $310m this year.
Euroimmun founder and CEO professor Winfried Stöcker said he believes PerkinElmer: "Shares our important mission and will secure the continuity of our culture and tradition of innovation that we have developed over the last 30 years."
Subject to customary closing conditions and standard regulatory approvals, the acquisition is expected to be completed in the fourth quarter of this year.