NEW YORK – PerkinElmer said on Monday it has reached an agreement to acquire Immunodiagnostic Systems for $155 million in an all-cash deal.
The deal has an enterprise value of about $124 million and is expected to close in the early part of the third quarter, Waltham, Massachusetts-based PerkinElmer said. The acquisition of Boldon, UK-based IDS will bolster PerkinElmer's immunodiagnostics segment. The firm recently reported that during the first quarter its immunodiagnostic business grew revenues 420 percent year over year, while its total Diagnostics segment revenues rose 236 percent.
The acquisition, PerkinElmer added, will allow it to combine its channel expertise and testing capabilities with IDS' chemiluminescence products in the endocrinology, autoimmunology, and infectious disease markets. IDS will be integrated into PerkinElmer's Euroimmun business.
IDS develops, manufactures, and markets immunoassays and automated immunoanalyzer technologies to the clinical laboratory market. Its immunoassay products include an endocrinology specialty testing menu and assay panels in complementary fields. The firm has about 300 employees globally.
"This proposed transaction is highly valuable for both parties as the respective product lines are to a large extent complementary," Euroimmun CEO Wolfgang Schlumberger said in a statement. "Our customers will benefit from a broader range of assays and laboratory diagnostic workflows."
In early morning trading on the Nasdaq, PerkinElmer's shares were up a fraction of 1 percent at $143.91 per share.