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Agilent Technologies Inc. announced that it signed a definitive agreement to acquire BioTek Instruments, a company that handles the design, manufacture, and distribution of innovative life science instrumentation for $1.165 billion.
Agilent Technologies announced that it signed an agreement to acquire BioTek Instruments, a life science instrumentation company for $1.165 billion. The deal will bring annual revenue for Agilent’s cell analysis business to more than $250 million, according to a July 11, 2019 press statement.
BioTek’s product line includes cell imaging systems, microplate readers, washers, dispensers, automated incubators, and stackers. The company generated revenues of $162 million in fiscal year 2018.The sale is expected to close in the fourth quarter of 2019.
The BioTek acquisition follows other recent investments by Agilent in the cell analysis segment including acquisitions of Seahorse Bioscience Luxcel Biosciences ACEA Biosciences.
“BioTek represents a strong strategic fit with Agilent,” said Mike McMullen, Agilent president and CEO in the press statement. “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.”
“Both companies share the same focus on customers and employees, as well as a similar purpose, mission and values,” said Briar Alpert, CEO of BioTek in the press statement. "I am confident that this is the winning formula for our employees and customers around the world.”
Source: Agilent Technologies