PerkinElmer to Acquire EUROIMMUN for Approximately $1.3 Billion
June 19 2017 - 3:00AM
Business Wire
- Accelerates revenue and earnings growth
by adding leading positions in autoimmune and allergy diagnostics
and strengthens leadership in China and other emerging markets
- Significant opportunity to leverage
technologies, strong market positions and synergistic commercial
activities to deliver better solutions across an expanding customer
base
- Highly compelling deployment of
capital, significantly advancing PerkinElmer’s strategic priorities
and providing very attractive financial returns
PerkinElmer, Inc. (NYSE:PKI), a global leader committed to
innovating for a healthier world, today announced that it has
entered into a definitive agreement to acquire EUROIMMUN Medical
Laboratory Diagnostics AG. The agreement provides that PerkinElmer
will acquire up to a 100% stake in EUROIMMUN. The total purchase
price of the transaction based on all outstanding shares being
acquired will be approximately $1.3 billion in cash.
Based in Lübeck, Germany, with approximately 2,400 employees,
EUROIMMUN is widely recognized as a global leader in autoimmune
testing and an emerging force in infectious disease and allergy
testing. The company has extensive expertise and capabilities
across immunology, cell biology, histology, biochemistry and
molecular biology. EUROIMMUN is expected to generate approximately
$310 million in revenue this year, and over the last five years,
the company has averaged revenue growth of 19%. In 2016, the
company generated sales in more than 130 countries worldwide, with
approximately 45% of revenues in China, 30% in Europe, Middle East
& Africa, 5% in the Americas and 20% in Rest of World.
The acquisition combines two innovative, results-driven cultures
with a shared mission of improving global health. The combination
expands PerkinElmer’s reach into autoimmune and allergy diagnostic
markets, while offering new infectious disease capabilities to
customers in China. In addition, as a market leader in the U.S. for
reproductive health, PerkinElmer will have the opportunity to drive
EUROIMMUN’s solutions into this well established channel.
“With the acquisition of EUROIMMUN and its talented team of
professionals, we are able to leverage our combined advanced
detection, imaging and assay development capabilities, along with
our strong collective market positions and synergistic commercial
activities, to deliver better and more complete solutions to our
customers around the world,” said Robert Friel, chairman and chief
executive officer of PerkinElmer. “We look forward to working with
the EUROIMMUN team as we partner together to help improve global
health through advanced diagnostics.”
“I am delighted to entrust EUROIMMUN to PerkinElmer, a company I
believe shares our important mission and will secure the continuity
of our culture and tradition of innovation that we have developed
over the last thirty years,” said Professor Winfried St�cker,
founder and chief executive officer of EUROIMMUN.
PerkinElmer’s comprehensive global diagnostics portfolio will
now include solutions focused on: reproductive health; autoimmune,
infectious disease and allergy testing; gene analyses; and genomics
offerings for oncology and other molecular tests through its wide
range of instruments, reagents, assay platforms and software
offerings.
The transaction is subject to customary closing conditions and
is currently anticipated to close in the fourth quarter of 2017
following the receipt of required standard regulatory approvals.
The acquisition is expected to be accretive to PerkinElmer's 2018
non-GAAP earnings per share results by approximately $0.28 to
$0.30. Additionally, PerkinElmer is reaffirming its 2017 revenue
and earnings per share guidance.
Conference Call Information
The Company will discuss its agreement to acquire EUROIMMUN in a
conference call on June 19, 2017 at 8:00 a.m. Eastern Time. To
access the call, please dial (541) 797-2422 prior to the scheduled
conference call time and provide the access code 41499178.
A live audio webcast of the call will be available on the
Investor section of the Company's Web site, www.perkinelmer.com.
Please go to the site at least 15 minutes prior to the call in
order to register, download, and install any necessary software. An
archived version of the webcast will be posted on the Company's Web
site for a two week period beginning approximately two hours after
the call.
About PerkinElmer
PerkinElmer, Inc. is a global leader committed to innovating for
a healthier world. Our dedicated team of 9,000 employees worldwide
are passionate about providing customers with an unmatched
experience as they help solve critical issues especially impacting
the diagnostics, discovery and analytical solutions markets. Our
innovative detection, imaging, informatics and service
capabilities, combined with deep market knowledge and expertise,
help customers gain earlier and more accurate insights to improve
lives and the world around us. The Company reported revenue of
approximately $2.1 billion in 2016, serves customers in more than
150 countries, and is a component of the S&P 500 Index.
Additional information is available through 1-877-PKI-NYSE, or at
www.perkinelmer.com.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements relating to
estimates and projections of future earnings per share, cash flow
and revenue growth and other financial results, developments
relating to our customers and end-markets, and plans concerning
business development opportunities and divestitures. Words such as
"believes," "intends," "anticipates," "plans," "expects,"
"projects," "forecasts," "will" and similar expressions, and
references to guidance, are intended to identify forward-looking
statements. Such statements are based on management's current
assumptions and expectations and no assurances can be given that
our assumptions or expectations will prove to be correct. A number
of important risk factors could cause actual results to differ
materially from the results described, implied or projected in any
forward-looking statements. These factors include, without
limitation: (1) markets into which we sell our products declining
or not growing as anticipated; (2) fluctuations in the global
economic and political environments; (3) our failure to introduce
new products in a timely manner; (4) our ability to execute
acquisitions and license technologies, or to successfully integrate
acquired businesses and licensed technologies into our existing
business or to make them profitable, or successfully divest
businesses; (5) our failure to adequately protect our intellectual
property; (6) the loss of any of our licenses or licensed rights;
(7) our ability to compete effectively; (8) fluctuation in our
quarterly operating results and our ability to adjust our
operations to address unexpected changes; (9) significant
disruption in third-party package delivery and import/export
services or significant increases in prices for those services;
(10) disruptions in the supply of raw materials and supplies; (11)
the manufacture and sale of products exposing us to product
liability claims; (12) our failure to maintain compliance with
applicable government regulations; (13) regulatory changes; (14)
our failure to comply with healthcare industry regulations; (15)
economic, political and other risks associated with foreign
operations; (16) our ability to retain key personnel; (17)
significant disruption in our information technology systems; (18)
our ability to obtain future financing; (19) restrictions in our
credit agreements; (20) the approval of the Brexit Referendum in
the United Kingdom; (21) our ability to realize the full value of
our intangible assets; (22) significant fluctuations in our stock
price; (23) reduction or elimination of dividends on our common
stock; and (24) other factors which we describe under the caption
"Risk Factors" in our most recent quarterly report on Form 10-Q and
in our other filings with the Securities and Exchange Commission.
We disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170619005410/en/
PerkinElmer, Inc.Investor Relations:Tommy J. Thomas,
781-663-5889tommy.thomas@perkinelmer.comorMedia:Brian Willinsky,
781-663-5728brian.willinsky@perkinelmer.com
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