PerkinElmer (NYSE:PKI) announced today that it completed its previously announced acquisition of Oxford Immunotec.

Under the acquisition agreement announced in January, London-based Oxford Immunotec’s shareholders will be entitled to receive $22 for each outstanding ordinary share, with the terms of the acquisition valuing Oxford Immunotec’s entire issued and to-be-issued ordinary share capital at $591 million.

The terms of the acquisition include a premium of approximately 28.3% to the closing price of $17.15 per share on Jan. 5, 2021 and 53.5% to the 90-trading-day volume-weighted average of $14.34 during the period of Oct. 8, 2020, to Jan. 5, 2021.

Oxford Immunotechad approximately 275 global employees as of Sept. 30, 2020, with reported revenues of $73.7 million and $39.2 million from continuing operations as of the fiscal year ended Dec. 31, 2019 and the nine months ended Sept. 30, 2020, respectively, according to a news release.

Waltham, Mass.-based PerkinElmer expects the acquisition of Oxford Immunotec to be “modestly accretive” to its non-GAAP earnings in the first year after close. The company anticipates that Oxford Immunotec’s sales growth will exceed that of its diagnostics franchise for the foreseeable future.

PerkinElmer said the acquisition will help to grow its portfolio of advanced infectious disease testing solutions to include tuberculosis detection while enabling the company to combine its channel expertise and workflow and testing capabilities with Oxford Immunotec’s capabilities in the space of T-cell immunology.

“Oxford Immunotec’s global role in fighting tuberculosis, particularly its trademark product, the T-SPOT.TB test, and the operations it has built are remarkable,” PerkinElmer president & CEO Prahlad Singh said in the release. “We recognize the distinct clinical and logistical advantages of the test and see a great opportunity to leverage our automation capabilities and commercial channel access to bring tuberculosis testing to more customers around the world.”