PerkinElmer to acquire antibodies and reagents manufacturer BioLegend
PerkinElmer has signed a cash and stock deal worth around $5.25 billion to acquire BioLegend, a California-based antibodies and reagents manufacturer.
BioLegend caters to academic and biopharmaceutical customers in high-growth areas like cytometry, multiplex assays, proteogenomics, recombinant proteins, bioprocessing, and magnetic cell separation.
The deal is the biggest ever for PerkinElmer to date.
BioLegend, which is a privately-held company, has over 700 employees. The company’s estimated revenues for 2022 are $380 million.
After joining PerkinElmer, it is expected to grow the former’s existing life science franchise into new segments. BioLegend’s campus in San Diego will become the global Center of Excellence (CoE) of PerkinElmer for research reagent content development for the combined entity.
Prahlad Singh – president and CEO of PerkinElmer, commenting on PerkinElmer acquisition of BioLegend, said: “We are thrilled to have the opportunity to bring our technologies and innovative cultures together to create seamless solutions to push science and discovery forward.
“We believe joining our teams presents an incredible opportunity to accelerate discoveries that help life science researchers leverage ever-developing technologies and novel approaches to better understand and fight disease.”
The transaction, which is subject to regulatory approvals and other customary closing conditions, is anticipated to be wrapped up by the year-end.
Commenting on PerkinElmer acquisition of BioLegend, Gene Lay – founder, president, and CEO of BioLegend said: “We are very excited to join the PerkinElmer family. The combination will afford us the opportunity to continue to build on our two-decade foundation of innovative science and scale in new and highly attractive PerkinElmer areas such as clinical diagnostics and food safety testing.
“The BioLegend team is eager to enter this new chapter with PerkinElmer, furthering our mission of enabling legendary discovery from research to cure.”