PerkinElmer Divests Other Businesses to Focus on Life Sciences and Diagnostics
By LabMedica International staff writers Posted on 02 Aug 2022 |
PerkinElmer, Inc. (Waltham, MA; USA) has entered into an agreement with the intention to divest its Applied, Food and Enterprise Services businesses to New Mountain Capital (New York, NY, USA) for total consideration of USD 2.45 billion in cash.
The business being divested includes PerkinElmer’s leading OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy, and chromatography instruments, consumables and reagents that serve the biopharma, food, environmental & safety and applied end markets. The PerkinElmer brand will be transferred with the business, and the transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and other customary closing conditions. The company’s business following the close of the transaction will consist of its Life Sciences and Diagnostics businesses.
“Today's announcement is a pivotal step in the significant portfolio transformation we have been executing on over the last several years," said Prahlad Singh, president and chief executive officer of PerkinElmer. "Following the close of the transaction, we will be a pure-play, high growth, high margin Life Sciences and Diagnostics company with unique scale. The Company’s increased financial strength will support accelerated investment into attractive end markets across science and disease, and drive advanced research, discovery, and improve global health.”
Singh continued, "This milestone has been made possible by the hard work of our nearly 17,000 employees across the globe. It is a validation of our people and the incredible businesses we have built. With this transaction, the Applied, Food and Enterprise Services businesses are gaining a partner who is committed to building on their record of success. Upon closing of the transaction, I believe both organizations will benefit significantly from increased focus and aligned investment on their unique market opportunities.”
Related Links:
PerkinElmer, Inc.
New Mountain Capital
Latest Industry News
- Thermo Fisher and Bio-Techne Enter Into Strategic Distribution Agreement for Europe
- ECCMID Congress Name Changes to ESCMID Global
- Bosch and Randox Partner to Make Strategic Investment in Vivalytic Analysis Platform
- Siemens to Close Fast Track Diagnostics Business
- Beckman Coulter and Fujirebio Expand Partnership on Neurodegenerative Disease Diagnostics
- Sysmex and Hitachi Collaborate on Development of New Genetic Testing Systems
- Sysmex and CellaVision Expand Collaboration to Advance Hematology Solutions
- BD and Techcyte Collaborate on AI-Based Digital Cervical Cytology System for Pap Testing
- Medlab Middle East 2024 to Address Transformative Potential of Artificial Intelligence
- Seegene and Microsoft Collaborate to Realize a World Free from All Diseases and Future Pandemics
- Medlab Middle East 2024 to Highlight Importance of Sustainability in Laboratories
- Fujirebio and Agappe Collaborate on CLIA-Based Immunoassay
- Medlab Middle East 2024 to Highlight Groundbreaking NextGen Medicine
- bioMérieux Acquires Software Company LUMED to Support Fight against Antimicrobial Resistance
- Roche Acquires LumiraDx's Point of Care Technology for USD 295 Million
- Bruker Acquires IVD Manufacturer ELITech Group and Cell Imaging Company Phasefocus