Sector News

PerkinElmer to buy Germany's Euroimmun for about $1.3 billion

June 19, 2017
Life sciences

Scientific instruments maker PerkinElmer Inc said on Monday it would buy Germany’s Euroimmun Medical Laboratory Diagnostics AG for about $1.3 billion in cash to expand its reach into autoimmune and allergy diagnostic markets.

The deal also offers new infectious disease capabilities to its customers in China, PerkinElmer said.

The acquisition is expected to add about $0.28 to $0.30 per share to PerkinElmer’s 2018 adjusted earnings, it said, and reaffirmed its 2017 revenue and earnings per share forecast.

Lubeck, Germany-based Euroimmun, which has about 2,400 employees, is expected to generate about $310 million in revenue this year, PerkinElmer said in a statement.

The deal is expected to close in the fourth quarter of 2017, PerkinElmer said.

By Subrat Patnaik

Source: Reuters

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