WASHINGTON, March 9, 2018 /PRNewswire/ -- Danaher Corporation
(NYSE: DHR) (the "Company") and Integrated DNA Technologies ("IDT")
announced today that Danaher has entered into a definitive
agreement to acquire IDT, a privately-held provider of high-value
consumables for genomics applications in molecular biology, qPCR,
next generation sequencing, synthetic biology, gene editing and
molecular diagnostics.
IDT's primary business is the manufacturing of high-quality,
custom DNA and RNA oligonucleotides serving customers in the
academic and biopharmaceutical research, biotechnology,
agriculture, clinical diagnostics, and pharmaceutical development
end markets. Founded in 1987 by Joseph
Walder, MD, PhD, IDT has grown to become a leader in its
served markets with more than 1,200 employees and over 100,000
customers worldwide. IDT will operate as a standalone operating
company and brand within Danaher's Life Sciences platform.
Rainer Blair, Executive Vice
President of Danaher's Life Sciences platform, said, "We are
thrilled to have IDT join Danaher's Life Sciences platform. IDT
expands our presence into the highly attractive genomics market and
will help play a central role in accelerating our customers'
research and time to market as they develop critical diagnostic
tests and potential life-saving therapies. IDT's historical
double-digit core revenue growth and strong margins are a testament
to the team's commitment to the highest standards of quality,
service, and technical expertise."
Thomas P. Joyce, Jr.,
Danaher President and Chief
Executive Officer, stated, "Danaher is a proven steward of
founder-led businesses, such as Hach and Phenomenex. We recognize
the extraordinary contributions Dr. Walder and IDT have made to the
advancement of genomics research and applications over the past 30
years. We look forward to supporting the IDT team and helping them
leverage the tools of the Danaher Business System (DBS) to further
enhance their growth profile and continue to create long-term
customer value."
"For more than 30 years, IDT's innovative tools and solutions
for genomics applications have helped scientists advance their
research and contribute to solving some of the world's most vexing
diseases and other challenges addressed by the life sciences
community," said Joseph Walder, CEO
and Chairman of IDT. "Joining Danaher will allow us to accelerate
the high pace of innovation and superior service our customers have
come to expect from us, as well as help expand our global reach.
I'm excited to watch IDT further grow and innovate in this
expanding area of genomics with the help of DBS."
The transaction, which is expected to close mid-year 2018, is
subject to customary closing conditions and regulatory
approvals.
ABOUT DANAHER
Danaher is a global science and
technology innovator committed to helping its customers solve
complex challenges and improving quality of life around the world.
Its family of world class brands has leadership positions in some
of the most demanding and attractive industries, including health
care, environmental and industrial. With more than 20 operating
companies, Danaher's globally diverse team of approximately 67,000
associates is united by a common culture and operating system, the
Danaher Business System. For more information, please visit
www.danaher.com.
ABOUT IDT
Integrated DNA Technologies, Inc. (IDT)
develops, manufactures, and markets nucleic acid products for the
life sciences industry in the areas of academic research,
biotechnology, agriculture, medical diagnostics, and pharmaceutical
development. The company's primary business is the production of
custom oligonucleotides for molecular biology applications. IDT has
developed proprietary technologies for genomics applications such
as next generation sequencing, CRISPR genome editing, qPCR, and RNA
interference. Through its GMP services, IDT manufactures products
used in diagnostic tests for many forms of cancer and most
inherited and infectious diseases. Serving over 100,000 life
sciences researchers and producing over 65,000 nucleic acids daily,
IDT is widely recognized as the industry leader in custom nucleic
acid manufacture. The company serves its customers through direct
sales in many countries and a network of international
distributors. IDT's corporate headquarters is in Skokie, Illinois, USA. Its manufacturing
headquarters is in Coralville,
Iowa, USA, with additional manufacturing facilities in
San Diego, California, USA;
Leuven, Belgium; and Singapore.
FORWARD LOOKING STATEMENTS
Statements in this release
that are not strictly historical, including statements regarding
the proposed acquisition, the expected timetable for completing the
transaction, future financial and operating results, benefits and
synergies of the transaction, future opportunities for the combined
businesses and any other statements regarding events or
developments that we believe or anticipate will or may occur in the
future, are "forward-looking" statements within the meaning of the
U.S. federal securities laws. There are a number of important
factors that could cause actual results, developments and business
decisions to differ materially from those suggested or indicated by
such forward-looking statements and you should not place undue
reliance on any such forward-looking statements. These factors
include, among other things, risks and uncertainties related to:
general economic conditions and conditions affecting the industries
in which Danaher and IDT operate; the uncertainty of regulatory
approvals; the parties' ability to satisfy the acquisition
agreement conditions and consummate the transaction on the
anticipated timetable or at all; Danaher's ability to successfully
integrate IDT's operations and employees with Danaher's existing
business; the ability to realize anticipated growth, synergies and
cost savings; and IDT's performance and maintenance of important
business relationships. Additional information regarding the
factors that may cause actual results to differ materially from
these forward-looking statements is available in our SEC filings,
including our 2017 Annual Report on Form 10-K. These
forward-looking statements speak only as of the date of this
release and, except to the extent required by applicable law, the
Company does not assume any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events and developments or otherwise.
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SOURCE Danaher Corporation