Listed Agilent Technologies Inc. has completed its acquisition of cancer diagnostics company Dako, buying the company from Sweden-based private equity shop EQT for $2.2 billion. The deal was first announced in mid-May.
Agilent Technologies Inc. (NYSE:A) today announced that its acquisition of cancer diagnostics company Dako has been completed. Agilent, which paid $2.2 billion in cash for Dako (on a debt-free basis), expects the acquisition to help strengthen Agilent’s position in life sciences, with a focus on product development to help in the fight against cancer.
Bill Sullivan, Agilent president and CEO, said, “The acquisition of Dako, the largest in Agilent’s history, is another step in the expansion of our life science business. The addition of Dako and its portfolio will help Agilent accelerate our growth in several rapidly expanding areas of diagnostics, as well as strengthen our existing offerings. I look forward to the exciting possibilities ahead.”
“Agilent and Dako have some of the best talent and technology in the world,” said Lars Holmkvist, Dako CEO. “By combining resources, we believe that both of our companies will benefit, as will our customers and employees. I have great confidence in what we will be able to accomplish together.”
In conjunction with the acquisition, Agilent has formed a fourth business reporting segment, the Diagnostics and Genomics Group. The new organization is composed of Dako, led by Lars Holmkvist, and the Genomics Solutions Division, led by Bob Schueren, vice president and general manager of Agilent’s genomics group. The Diagnostics and Genomics Group will report directly to Bill Sullivan.
Dako is one of the leading global suppliers of cancer diagnostics tools, providing antibodies, reagents, scientific instruments and software to customers in pathology laboratories.
Agilent and EQT, a Sweden-based private equity group, announced that they had signed a definitive agreement for the acquisition on May 17.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is the world’s premier measurement company and a technology leader in chemical analysis, life sciences, diagnostics, electronics and communications. The company’s 20,000 employees serve customers in more than 100 countries. Agilent had net revenues of $6.6 billion in fiscal 2011. Information about Agilent is available at www.agilent.com.
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, information regarding the expansion of Agilent’s life science business and the future demand for the combined company’s products and services. 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, unforeseen changes in the strength of our customers’ businesses, unforeseen changes in the demand for current and new products, technologies, and services, the risk that we are not able to realize the revenue growth expected from the combined company, 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, 2012. 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.