PerkinElmer Inc announced it has completed the acquisition of Shanghai-based SYM-BIO Lifescience, a leading provider of diagnostics instruments and related reagents, in a cash transaction equivalent to $63.7 million (RMB 435 million). The acquisition is expected to have no material impact on PerkinElmer’s adjusted earnings per share for 2009 and be slightly accretive in 2010.
SYM-BIO Lifescience is a major supplier of diagnostics to hospitals in China, particularly in the area of infectious diseases, which represents a major addition to PerkinElmer’s diagnostics portfolio. The acquisition doubles PerkinElmer’s access to the hospitals market segment in China, offering a larger base from which to expand its prenatal and newborn screening business in the country, and provides the Company with a significant local diagnostics manufacturing and R&D base as well.
The addition of SYM-BIO’s infectious disease products also complements PerkinElmer’s leading worldwide position in prenatal and neonatal screening, providing a new line of diagnostics for expansion of the Company’s regional and global offerings.
Ann-Christine Sundell, president, Genetic Screening, PerkinElmer, said, “PerkinElmer and SYM-BIO Lifescience are very pleased to have the opportunity to introduce new products to advance the health of mothers and children in China, as well as assist in reducing the threat of major infectious diseases among at-risk patient populations. The acquisition strongly positions PerkinElmer in the fast-growing diagnostics market in China and expands our access to the market, as well as our offerings portfolio.”
According to Zhang Sheng, president of SYM-BIO Lifescience, “The acquisition provides an unmatched opportunity for advanced products from China to be introduced to regional and global markets, as SYM-BIO is a recognized national leader in high quality offerings. PerkinElmer also brings significant technology and expertise into the China market.”
As part of the acquisition, PerkinElmer gains access to substantial manufacturing plant capacity in Shanghai and the surrounding area, where the company will be able to expand local production capabilities for a number of PerkinElmer products in China, in addition to the diagnostics portfolio.
Source: Perkin Elmer