Highlights:
- Combined portfolio enables Agilent to provide a more complete
and integrated solution for customers in the important and
fast-growing area of live cell analysis
- BioTek is a recognized leader for plate-readers and imaging
systems with complementary offerings to Agilent’s portfolio
- Excellent growth potential; the acquisition positions Agilent
well in the large and growing immuno-oncology and immunotherapy
markets and expands the company’s presence in biopharma, academia
and research
- Strong profitability; expected to be immediately accretive to
non-GAAP earnings and compounding growth thereafter
Agilent Technologies Inc. (NYSE: A) today 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.
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the full release here:
https://www.businesswire.com/news/home/20190711005252/en/
Agilent and BioTek, a key strategic union
and an outstanding combination for growth. (Graphic: Business
Wire)
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.”
Expanding Portfolio and Leadership in Cell Analysis
Agilent entered the cell analysis segment in 2015 with the
acquisition of Seahorse Bioscience, a leader in providing
specialized instruments and live-cell, kinetic assays. Agilent
Seahorse XF technology was a leap in the evolution of cellular
metabolism analysis, allowing researchers to better understand
metabolic profiles in live cells.
In January 2018, Agilent broadened its portfolio of cell
analysis solutions through the acquisition of Luxcel Biosciences.
Luxcel’s assays use soluble sensors to analyze metabolism, making
them a perfect complement to Agilent’s Seahorse XF technology,
providing researchers with more options to analyze live-cell
metabolism.
In September 2018, Agilent differentiated its portfolio further
through the acquisition of ACEA Biosciences, a pioneer in the
development and commercialization of high- performance cell
analysis platforms for life science research. Upon closing, the
size of Agilent’s cell analysis business will be in excess of $250
million in annual revenues.
“By combining BioTek’s offerings with Agilent’s, we will deliver
a breadth of differentiated workflows, enabling customers to obtain
deeper, more reliable insights across a variety of cell analysis
applications,” said Jacob Thaysen, president of Agilent’s Life
Sciences and Applied Markets Group. “This positions Agilent well in
the large and growing immuno-oncology and immunotherapy markets and
expands our presence in biopharma, academia and research as
customers seek to understand complex cellular environments and
interactions.”
About BioTek
BioTek, headquartered in Winooski, VT, is a worldwide leader in
the design, manufacture, and distribution of innovative life
science instrumentation. Our comprehensive product line includes
cell imaging systems, microplate readers, washers, dispensers,
automated incubators and stackers. These products enable life
science research by providing high performance, cost-effective
analysis and quantification of biomolecules, biomolecular
interactions and cellular structure and function across diverse
applications. BioTek espouses a "Think Possible" approach that sets
the tone for fresh ideas, unsurpassed customer service and original
innovations.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life
sciences, diagnostics and applied chemical markets. With more than
50 years of insight and innovation, Agilent instruments, software,
services, solutions and people provide trusted answers to
customers' most challenging questions. The company generated
revenues of $4.91 billion in fiscal 2018 and employs 15,550 people
worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent
news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn, Twitter,
and Facebook.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, statements regarding the
capabilities and expertise the acquisition brings, the ability to
supply industry requirements, acceleration of growth, effect on
earnings and timing of completion of the acquisition. These
forward-looking statements involve risks and uncertainties that
could cause Agilent’s results to differ materially from
management’s current expectations. Such risks and uncertainties
include, but are not limited to, the BioTek transaction not being
timely completed, if completed at all, and the ability to integrate
BioTek’s operations with Agilent’s, retain key employees, meet
customer expectations, realize efficiencies from the combined
businesses and realize anticipated tax benefits. In addition, other
risks that Agilent faces in running its operations include the
ability to execute successfully through business cycles; the
ability to meet and achieve the benefits of its cost-reduction
goals and otherwise successfully adapt its cost structures to
continuing changes in business conditions; ongoing competitive,
pricing and gross-margin pressures; the risk that our cost-cutting
initiatives will impair our ability to develop products and remain
competitive and to operate effectively; the impact of geopolitical
uncertainties and global economic conditions on our operations, our
markets and our ability to conduct business; the ability to improve
asset performance to adapt to changes in demand; the ability of our
supply chain to adapt to changes in demand; the ability to
successfully introduce new products at the right time, price and
mix; the ability of Agilent to successfully integrate recent
acquisitions; the ability of Agilent to successfully comply with
certain complex regulations; and other risks detailed in Agilent’s
filings with the Securities and Exchange Commission, including our
quarterly report on Form 10-Q for the quarter ended April 30, 2019.
Forward-looking statements are based on the beliefs and assumptions
of Agilent’s management and on currently available information.
Agilent undertakes no responsibility to publicly update or revise
any forward-looking statement.
NOTE TO EDITORS: Further technology, corporate citizenship and
executive news is available at www.agilent.com/go/news.
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MEDIA CONTACTS:
Agilent Technologies:
Tom Beermann (Corporate) + 1 408 553 2914
tom.beermann@agilent.com
Victoria Wadsworth-Hansen (Business) +1 408 553 2005 + 45
29336980 victoria.wadsworth-hansen@agilent.com
INVESTOR CONTACT:
Ankur Dhingra +1 408 553 4341 ankur_dhingra@agilent.com
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