PerkinElmer Inc, Waltham, Mass, has entered into a definitive agreement to acquire EuroImmun Medical Laboratory Diagnostics AG. The agreement provides that PerkinElmer will acquire up to a 100% stake in EuroImmun. The total purchase price of the transaction based on all outstanding shares being acquired will be approximately $1.3 billion.
Based in Lübeck, Germany, with approximately 2,400 employees, EuroImmun has expertise and capabilities across biochemistry, cell biology, histology, immunology, and molecular biology. The company is expected to generate approximately $310 million in revenue this year; over the past 5 years, it has averaged revenue growth of 19% annually. In 2016, the company generated sales in more than 130 countries worldwide, with approximately 45% of revenues in China; 30% in Europe, the Middle East, and Africa; 5% in the Americas; and 20% in the rest of the world.
The acquisition expands PerkinElmer’s reach into autoimmune and allergy diagnostic markets, while offering new infectious disease capabilities for customers in China. In addition, PerkinElmer will have the opportunity to drive EuroImmun’s solutions into reproductive health.
“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,” says Robert Friel, chairman and CEO of PerkinElmer. “We look forward to working with the Euroimmun team as we partner together to help improve global health through advanced diagnostics.”
“I am delighted to entrust EuroImmun to PerkinElmer, a company I believe 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,” says Winfried Stöcker, founder and CEO of EuroImmun.
PerkinElmer’s global diagnostics portfolio will now include solutions focused on autoimmune, infectious disease, and allergy testing; gene analyses; genomics offerings for oncology; reproductive health; and other molecular tests.
The transaction is subject to customary closing conditions and is currently anticipated to close in the fourth quarter of 2017, following the receipt of required standard regulatory approvals. PerkinElmer is reaffirming its 2017 revenue and earnings per share guidance.