Agilent Technologies to Acquire BioTek Instruments
Agilent Technologies has entered into an agreement to acquire privately held BioTek Instruments for approximately $1.165 billion. The deal is expected to bolster Agilent's position in the cell analysis market.
Agilent Technologies announced it has signed a definitive agreement to acquire BioTek Instruments for approximately $1.165 billion. This acquisition aims to strengthen Agilent's leadership in the growing cell analysis segment by enhancing its product portfolio. BioTek is recognized for its innovative life science instrumentation, including cell imaging systems and microplate readers.
The addition of BioTek’s product line, which encompasses microplate readers, washers, and dispensers, is expected to significantly complement Agilent’s existing offerings. The combined portfolio will enable Agilent to provide more comprehensive and integrated solutions to customers, particularly in the area of live cell analysis. BioTek reported revenues of $162 million for its fiscal year ended December 31, 2018, with an anticipated growth of approximately 10 percent in 2019.
The transaction is projected to be immediately accretive to Agilent's earnings per share. The company estimates it will contribute between $0.02 to $0.04 on a non-GAAP basis for fiscal year 2020. Agilent intends to continue BioTek's operations in Vermont and retain its approximately 500 employees.
Agilent entered the cell analysis market in 2015 with the acquisition of Seahorse Bioscience. This latest move reinforces the company's strategic focus on rapidly expanding sectors within biotechnology and pharmaceutical research, including immuno-oncology and immunotherapy.