PerkinElmer to Acquire BioLegend
PerkinElmer (PE) will make the largest transaction in its history. The company has entered into an agreement to acquire BioLegend, a global provider of life science antibodies and reagents, in a deal worth approximately $5.25 billion.
The deal is expected to close in the third quarter of this year. The combined company will generate immediate revenue synergies that are expected to reach $100 million annually by the fifth year following the closing. No significant cost synergies are planned, a press release stated.
BioLegend provides antibodies and reagents to academic and biopharmaceutical customers in cytometry, proteogenomics, multiplex assays, recombinant proteins, and other areas. Upon joining PE, BioLegend will expand PE’s existing life sciences franchise into new segments. Its San Diego campus will become PE’s global Center of Excellence for research reagent content development for the combined company.
BioLegend has 700 employees and is based primarily in the U.S., with estimated 2022 revenues of $380 million.
“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,” PE President and CEO Prahlad Singh said in a press release.
“The combination will afford us the opportunity to continue to build on our two-decade foundation of innovative science and scale in new and highly attractive PerkinElmer areas such as clinical diagnostics and food safety testing,” BioLegend President and CEO Gene Lay, said in a press release.
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