Agilent to Acquire BioTek, Strengthening Leadership Position in Growing Cell Analysis Segment
Agilent Technologies Inc. (NYSE: A) has announced it has signed a definitive agreement to acquire privately-owned BioTek Instruments for $1.165 billion. With anticipated tax benefits for Agilent, the net purchase price is expected to be approximately $1.05 billion.
BioTek is a global leader in the design, manufacture and distribution of innovative life science instrumentation. Its comprehensive product line includes cell imaging systems, microplate readers, washers, dispensers, automated incubators and stackers. These products enable life science research by providing customers with high performance, cost-effective analysis across diverse applications. BioTek generated revenues of $162 million in fiscal year 2018 ending December 31 and is expected to grow approximately 10 percent in 2019.
The transaction is expected to be completed in Agilent’s fiscal fourth quarter of this year, subject to regulatory approvals and customary closing conditions. Agilent expects the acquisition will be accretive to non-GAAP earnings per share, contributing $0.02-$0.04 for fiscal year 2020, and compounding growth thereafter.
“BioTek represents a strong strategic fit with Agilent,” said Mike McMullen, Agilent president and CEO. “The combination of these two companies will accelerate our multi-year growth strategy to expand our position in cell analysis. This is another example of Agilent investing in high-growth segments of the life sciences market to serve new and existing customers. Agilent is committed to continuing operations in Vermont and retaining the great team of nearly 500 employees that have been at the core of BioTek’s 50-year history of excellence and success.”
“BioTek and Agilent have already been in partnership for over a year, successfully unlocking significant value through joint development of customer solutions,” said Briar Alpert, CEO of BioTek. “Both companies share the same focus on customers and employees, as well as a similar purpose, mission and values. I am confident that this is the winning formula for our employees and customers around the world.”