PerkinElmer to buy BioLegend for $5.25bn
Perkinelmer Inc.
n/a
07:46 20/03/24
US medical diagnostic company PerkinElmer has agreed to buy BioLegend, a provider of life science antibodies and reagents, for around $5.25bn in cash and shares.
BioLegend provides academic and biopharmaceutical customers with antibodies and reagents in high-growth areas such as cytometry, proteogenomics, multiplex assays, recombinant proteins, magnetic cell separation and bioprocessing.
PerkinElmer said the deal, which will be the largest in its history, is expected to close by the end of the 2021 calendar year.
Prahlad Singh, president and chief executive officer of PerkinElmer, said: "We are thrilled to have the opportunity to bring our technologies and innovative cultures together to create seamless solutions to push science and discovery forward.
"We believe joining our teams presents an incredible opportunity to accelerate discoveries that help life science researchers leverage ever-developing technologies and novel approaches to better understand and fight disease."
Privately-held BioLegend has more than 700 employees based mainly in the US, with estimated 2022 revenues of $380m. Upon joining PerkinElmer, its will expand the group’s existing life science franchise into new segments, and its campus in San Diego, California will become PerkinElmer’s global Center of Excellence (CoE) for research reagent content development for the combined company.