PerkinElmer To Buy Immunodiagnostic Systems In $155 Mln Cash Deal – Quick Facts
PerkinElmer, Inc. (PKI), a science and healthcare company, announced Monday that it has reached an agreement on the terms of a recommended all cash offer to acquire Immunodiagnostic Systems Holdings PLC (IDH.L), an In-Vitro Diagnostics company, for around $155 million. The transaction has a total enterprise value of approximately $124 million or 88 million pounds.
PerkinElmer expects the acquisition to be modestly accretive to non-GAAP earnings in year-one following the close. The company forecasts IDS’s business to be attractively positioned in markets that are projected to grow at a compound annual growth rate of high-single digits over the next few years.
The acquisition is expected to close early in the third quarter of 2021, subject to approvals from the shareholders of IDS, sanction by the High Court of Justice in England and Wales and other customary closing conditions for a public takeover in the United Kingdom.
UK-based IDS is an in-vitro diagnostic solution provider to the clinical laboratory market. IDS develops, manufactures, and markets innovative immunoassays and automated immunoanalyzer technologies to provide improved diagnostic outcomes for patients. IDS has approximately 300 global employees.
Following the acquisition, Immunodiagnostic Systems will be integrated within EUROIMMUN, a PerkinElmer company in autoimmune testing.
With the acquisition, PerkinElmer expects to grow its overall Diagnostics business and specifically its immunodiagnostics segment. PerkinElmer will be able to combine its channel expertise and testing capabilities with IDS’s chemiluminescence products in endocrinology, autoimmunity and infectious diseases to better serve customers around the world.
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