NEW YORK – PerkinElmer said Monday that it has inked a deal to acquire life sciences firm Covaris, which will enable it to expand its life sciences portfolio and enter the high-growth diagnostics end market.
PerkinElmer encompasses the applied, food, and enterprise services businesses that were sold to New Mountain Capital in a $2.45 billion divestment that was completed in March. The remaining diagnostics and life sciences businesses adopted the new name Revvity.
Covaris is also majority-owned by New Mountain Capital. Financial and other terms of the deal were not disclosed.
"Covaris has a well-defined growth strategy with market-leading technologies and a very capable leadership team that will allow PerkinElmer to deepen its life sciences portfolio in the diagnostics end market," PerkinElmer CEO Dirk Bontridder said in a statement. "We see significant growth opportunities resulting from the combined resources of both companies, with PerkinElmer's global scale unlocking commercial opportunities for Covaris."
Covaris is a developer of instruments, consumables, and reagents for pre-analytical sample preparation for genomic and proteomic analysis, and its products are used in research and drug discovery for clinical diagnostics, biopharma, and research markets. The firms noted that the acquisition includes Covaris' next-generation sequencing capabilities for high-throughput sample preparation and data analysis.
Andre Moura, managing director at New Mountain Capital, added that Covaris has a strong position in the genomics, transcriptomics, and proteomics space and brings growth opportunities for PerkinElmer.