PerkinElmer said the transaction is expected to close by the end of 2021.
Photo: Marcio Jose Sanchez/Associated Press
PerkinElmer Inc. PKI 0.70% said it is buying BioLegend, which provides life science antibodies and reagents, for $5.25 billion in a combination of cash and stock.
PerkinElmer said Monday the transaction is expected to close by the end of the 2021 calendar year.
Privately held BioLegend has more than 700 employees based primarily in the U.S., with estimated 2022 revenues of $380 million, PerkinElmer said.
Upon joining PerkinElmer, BioLegend’s San Diego campus will become PerkinElmer’s global Center of Excellence for research reagent content development for the combined company.
The deal is expected to boost PerkinElmer’s existing revenue growth and profit margin profile, and add an estimated 30 cents of adjusted earnings a share in the first full year after closing the deal, and greater than 50 cents in the second year after closing.
The combined company will generate “immediate revenue synergies” that are expected to reach $100 million annually by the fifth year following the transaction close, and “no significant cost synergies are planned,” PerkinElmer said.
Also Monday, PerkinElmer reported earnings of $2.19 a share on revenue of $1.23 billion for the second quarter.
Write to Chris Wack at [email protected]
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