Agilent Technologies Inc. (A) agreed to pay $2.2 billion in cash to acquire the Denmark cancer-diagnostic company Dako from private-equity group EQT as the testing-and-measuring equipment maker looks to expand its presence in the clinical diagnostics market.
Agilent expects to close the deal within 60 days and said it should immediately add to earnings.
Dako primarily provides antibodies, reagents, scientific instruments and software to pathology laboratories and also collaborates with pharmaceutical companies to develop potential pharmacodiagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy.
Dako employs more than 1,000 people and had 2010 revenue of about $340 million.
Agilent's core results have improved over the past year as newly introduced products and an expanding geographic reach drives its revenue growth. The company on Monday reported its fiscal second-quarter profit rose 28% as net revenue increased 3.3%, led by its electronic measurement segment.
Shares closed Wednesday at $39.76 and were inactive premarket. The stock has risen 14% so far this year.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; [email protected]