PerkinElmer, a global biomedical company, announced this week that it has signed a definitive agreement to acquire Caliper Life Sciences, a Hopkinton, Massachusetts-based firm that specializes in microfluidic technologies for life sciences research, diagnostics and environmental markets, for a total net purchase price of approximately $600 million in cash. The total purchase price represents a premium of 42% for Caliper Life Sciences shareholders. "The acquisition of Caliper Life Sciences brings innovative molecular imaging and detection technologies to our portfolio, complementing our world-leading offerings in life science, diagnostics, environmental and food markets," said PerkinElmer's CEO Robert F. Friel.
Friel added, "The R&D, application expertise, and intellectual property of the combined organization will provide our customers with enhanced knowledge and services and a strong pipeline of innovation. Additionally, the proven leadership and talent of the Caliper team will be a strong addition to our organization."
The combined technology platforms will expand PerkinElmer's portfolio of solutions and services including the addition of Caliper's microfluidics platform for genomics and proteomics applications, which reportedly offers improved detection and screening through low sample use and efficiency.
"We are delighted to become part of PerkinElmer. For 10 years, Caliper has partnered with strategic customers to develop a compelling suite of discovery technologies for broad life science applications," noted Caliper's CEO Kevin Hrusovsky.
Hrusovsky added, "I am excited by both PerkinElmer's ability to leverage its global reach for the delivery of solutions and the opportunity to accelerate the development of important advances that make a difference in improving human and environmental health. I am confident this is the correct strategic direction at this time for Caliper customers, shareholders and employees, and we are looking forward to becoming part of one of the leading companies in our industry."
Hrusovsky is anticipated to join the PerkinElmer senior leadership team following the close of the transaction.
In connection with the transaction, Bank of America Merrill Lynch and Rothschild acted as financial advisors to PerkinElmer. Perella Weinberg Partners acted as exclusive financial advisor to Caliper Life Sciences, and provided a fairness opinion to the Caliper's board.
Caliper Life Sciences is a provider of microfluidic technologies enabling researchers in the life sciences industry to develop medicines and diagnostic tests more quickly and efficiently. Caliper is also developing new technologies to bridge the gap between in vitro assays and in vivo results and then translating those results into cures for human disease. Caliper's portfolio of offerings includes microfluidics, lab automation and liquid handling, optical imaging technologies, and discovery and development outsourcing solutions.
PerkinElmer reported revenue of approximately $1.7 billion in 2010, and has approximately 6,200 employees serving customers in more than 150 countries. The company is a component of the S&P 500 Index.
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