Agilent Technologies Inc. (A: Quote) announced that its acquisition of cancer diagnostics company Dako has been completed. Agilent paid $2.2 billion in cash for Dako (on a debt-free basis).
Agilent expects the acquisition to help strengthen its position in life sciences, with a focus on product development to help in the fight against cancer.
Agilent noted that in conjunction with the acquisition, it has formed a fourth business reporting segment, the Diagnostics and Genomics Group. The new organization is composed of Dako, led by Lars Holmkvist, and the Genomics Solutions Division, led by Bob Schueren, vice president and general manager of Agilent's genomics group. The Diagnostics and Genomics Group will report directly to Bill Sullivan.
Bill Sullivan, Agilent president and chief executive officer, commented, "The acquisition of Dako, the largest in Agilent's history, is another step in the expansion of our life science business. The addition of Dako and its portfolio will help Agilent accelerate our growth in several rapidly expanding areas of diagnostics, as well as strengthen our existing offerings. I look forward to the exciting possibilities ahead."
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by RTT Staff Writer
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