By Bio-IT World staff
September 8, 2011 | PerkinElmer has signed an agreement to acquire its Massachusetts neighbor, Caliper Life Sciences.
PerkinElmer will pay $10.50 per share – a premium of 42 percent -- for a total net purchase price of approximately $600 million.
The Caliper acquisition is the seventh for PerkinElmer since January 2011, including the purchases of CambridgeSoft and Geospiza. The company says the integration of Caliper will create opportunities to expand its repertoire of customer solutions in a range markets, and in particular enhance PerkinElmer’s offerings in the areas of molecular imaging and detection for human and environmental health.
Robert Friel, PerkinElmer’s chairman and CEO, says: “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.”
“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."
Kevin Hrusovsky, Caliper CEO, expressed delight on news of the merger. “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.”
The combined company will expand PerkinElmer's suite of solutions and services. The company points to several synergies from the deal, including:
- Expanded offerings for molecular, cellular, and in situ imaging to enable translational research;
- The addition of a proven microfluidics platform for genomics and proteomics applications
- New sample preparation technologies for areas including next-generation sequencing
- Expanded solutions and services for the development of biotherapeutics
The purchase price represents a premium of 42 percent for Caliper shareholders relative to the closing stock price of $7.39 on Wednesday, September 7. The acquisition has been approved by the directors of both companies, and is expected to close before the end of the year. The transaction is, however, subject to the approval of Caliper stockholders and other conditions.