Waters Corporation to buy light scattering technology firm Wyatt Technology
Waters Corporation will acquire US-based light scattering technology and software solutions provider Wyatt Technology in an all-cash transaction valued at $1.36 billion.
With the proposed acquisition, Waters Corporation anticipates to increase its portfolio of separation and detection as well as build a high-growth bioanalytical characterization business.
The US-based analytical laboratory instrument manufacturing company expects the transaction to yield annual revenue synergies of more than $70 million by the fifth-year, post-closing.
Wyatt Technology, with revenues of around $110 million in 2022, offers on-line multi-angle laser light scattering and field-flow fractionation instruments, software, accessories, and services.
Its solutions are utilized throughout the value chain in discovery, product development, manufacturing, and quality assurance/quality control (QA/QC) settings for determining the crucial quality attributes of novel therapeutics like gene and cell therapies, proteins, vaccines, nanoparticles and synthetic polymers.
Dr Udit Batra — Waters Corporation President and CEO said: “While biologics therapies, including cell and gene therapies, can dramatically change the quality of life for a significant percentage of the population, the cost of delivering these therapies is a major barrier for broader adoption.
“We share a common mission to harness our technology and deep scientific expertise to increase the availability and affordability of life-changing therapies.”
Through the acquisition, Wyatt Technology anticipates to increase its global reach and scale, further broadening its presence in Europe and Asia.
Dr Philip Wyatt — Wyatt Technology Founder and Chairman said: “Becoming an integral part of Waters is a natural way for us to expand our business dramatically. Waters has the reach and scale to leverage Wyatt’s successful legacy and extend the benefits of our offerings to many new applications and customers.”
Waters Corporation anticipates to fund the acquisition via cash on its balance sheet and revolving credit facility.
The close of acquisition is anticipated in Q2 2023, subject to regulatory approvals and other customary closing conditions.
Waters Corporation is an analytical laboratory instrument and software company, which operates in 35 plus countries, with 14 production facilities.