PerkinElmer has reached an agreement to acquire UK-based diagnostics company Oxford Immunotec for approximately $591m or $22 for each of the latter’s outstanding ordinary shares in cash.

With the deal, PerkinElmer will expand its current offerings of advanced infectious disease testing solution portfolio to include tuberculosis detection.

Furthermore, the acquisition will enable the company to merge its channel expertise and workflow and testing capabilities with the expertise of Oxford Immunotec in T cell immunology with its test kits for latent tuberculosis.

The latent tuberculosis test kit is the lead product of Oxford Immunotec. Its Interferon Gamma Release Assay (IGRA) offering detects people with tuberculosis infection.

PerkinElmer president and CEO Prahlad Singh said: “We believe Oxford Immunotec’s diagnostic testing solution plays an important role in slowing the spread and saving lives.

“Oxford Immunotec’s highly sensitive test and their team’s passion for solving complex health issues make it a natural fit with PerkinElmer’s mission and together, we believe will accelerate the development of robust solutions to help detect infectious disease.”

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By GlobalData

PerkinElmer’s global diagnostics portfolio has solutions, which concentrate on fields such as immunodiagnostics, reproductive health focused on newborn and prenatal testing, and applied genomics.

Oxford Immunotec CEO Peter Wrighton-Smith said: “We believe this transaction is great for our shareholders, our employees, and our customers.

“Access to PerkinElmer’s global reach and automation experience will enable us to accelerate our growth journey and make a growing impact in the field of infectious disease.”

The deal is anticipated to close in the first half of this year.

Last March, PerkinElmer was selected as a provider of newborn screening test for Public Health England’s Severe Combined Immunodeficiency (SCID) evaluation programme.