PerkinElmer to pay $5.25B for antibody maker BioLegend

Date:

By The Associated Press

PerkinElmer will spend about $5.25 billion to acquire BioLegend, which makes antibodies used in gene therapy and reagents for drug discovery.

The Waltham, Massachusetts, company said Monday that it will pay a combination of cash and stock for the privately held BioLegend in a deal expected to close by the end of the year.

PerkinElmer, which sells testing equipment and scientific instruments, called the acquisition the largest in company history. It estimates that BioLegend will generate $380 million in revenue next year.

BioLegend, headquartered in San Diego, has more than 700 employees based mostly in the United States. Its reagents are used in disease diagnostics as well as drug discovery, a PerkinElmer spokeswoman said.

BioLegend’s products are used in research areas like immunology, oncology and neuroscience. The company’s antibodies and reagents are being used to help identify people infected with COVID-19 and to monitor patient immune responses to new treatments and vaccines.

PerkinElmer expects the company to add about 30 cents per share in adjusted earnings in the first full year after the deal closes and then 50 cents per share in the second year.

Shares of PerkinElmer Inc., which also reported better-than-expected, second-quarter earnings Monday, climbed more than 2% to $168.07 in late morning trading while broader indexes were flat.

Find your latest news here at the Hemet & San Jacinto Chronicle

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe to The Hemet & San Jacinto Chronicle

Popular

More like this
Related

Sean ‘Diddy’ Combs accuses documentary of defamation while in custody over sex trafficking case

Sean “Diddy” Combs is suing NBC Universal and its...

Dickens Festival Returns To Downtown Riverside

RIVERSIDE, CA — The celebrated Riverside Dickens Festival will...

Clients Bilked Out Of More Than $5 Million By Corona Businessman

SOUTHERN CALIFORNIA — Following a lengthy federal investigation, a...

Riverside County Sheriff Chad Bianco to announce run for California governor

Riverside County Sheriff Chad Bianco is to officially declare...