PerkinElmer (NYSE:PKI) inked a deal today to acquire Euroimmun Medical Laboratory Diagnostics for $1.3 billion in cash. The move is an effort to expand into autoimmune and allergy diagnostic markets, according to the scientific instruments-maker.
Germany-based Euroimmun has 2,400 employees and is expected to bring in $310 million in revenue this year.
The acquisition, which also includes new infectious disease capabilities, is slated to add 28¢ to 30¢ to PerkinElmer’s 2018 adjusted earnings.
“With the acquisition of Euroimmun and its talented team of professionals, we are able to leverage our combined advanced detection, imaging and assay development capabilities, along with our strong collective market positions and synergistic commercial activities, to deliver better and more complete solutions to our customers around the world,” PerkinElmer chairman & CEO Robert Friel said in prepared remarks. “We look forward to working with the Euroimmun team as we partner together to help improve global health through advanced diagnostics.”
“I am delighted to entrust Euroimmun to PerkinElmer, a company I believe shares our important mission and will secure the continuity of our culture and tradition of innovation that we have developed over the last 30 years,” Winfried Stöcker, founder & CEO of Euroimmun, added.
The acquisition is expected to close in the 4th quarter of this year, PerkinElmer said.
PKI shares jumped more than 6% today, trading at $67.65 apiece in late-afternoon activity.