Agilent Technologies Inc. (A), a provider of bio-analytical and electronic measurement solutions, on Thursday announced a definitive agreement to acquire Denmark-based cancer diagnostic company Dako for $2.2 billion on a debt-free basis, marking the largest deal in its history. Dako is owned by EQT, a Sweden-based private equity group. Agilent shares are climbing over 5 percent in pre-market trading.
Bill Sullivan, Agilent CEO, said, "In the rapidly growing diagnostics market, Dako's products and capabilities are a strategic complement to Agilent's existing offerings. Dako is one of the world's leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer."
Through the deal, Santa Clara, California-based Agilent expects to strengthen its presence in life science and thus grow revenue. The acquisition, expected to close within the next 60 days, is anticipated to be immediately accretive to Agilent's earnings on an adjusted basis.
Dako provides antibodies, reagents, scientific instruments and software to customers in pathology laboratories. The firm also collaborates with other pharmaceutical companies to develop new potential pharmacodiagnostics, also called companion diagnostics, to be used to identify patients most likely to benefit from a specific targeted therapy.
Dako's products are sold in over 100 countries. In 2010, its annual revenue was around $340 million. The company employs more than 1,000 people.
Credit Suisse Securities (USA) LLC was Agilent's exclusive financial adviser on the deal.
A closed on Wednesday at $39.76, down from the previous close of $40.51, on a volume of 3.56 million shares. The stock is up 5.6 percent in pre-market trading.
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