All-cash deal is largest in Agilent’s history
Agilent Technologies, a US manufacturer of diagnostic instruments, has agreed to buy Dako, a Danish cancer diagnostics firm, for US$2.2bn, expanding its presence in the life sciences industry.
Under the terms of deal, which is the largest ever made by Agilent, based in Santa Clara, California, will pay cash for Dako, currently owned by EQT, a Swedish private equity group.
‘In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,’ said Bill Sullivan, Agilent’s president and chief executive.
‘Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth.’ Dako provides antibodies, reagents, scientific instruments and software primarily to customers in pathology laboratories.
The firm also collaborates with a number of major pharmaceutical companies to develop new companion diagnostics, which may be used to identify patients most likely to benefit from a specific targeted therapy.
Dako’s annual revenue in 2010 was approximately $340m. The company employs more than 1,000 people, primarily in Denmark, in Carpinteria, California, and other parts of the world.
The acquisition is expected to close by the end of July.