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    Home > Medical News > Medical Research Articles > PerkinElmer will acquire antibody manufacturer BioLegend for US$5.25 billion

    PerkinElmer will acquire antibody manufacturer BioLegend for US$5.25 billion

    • Last Update: 2021-07-30
    • Source: Internet
    • Author: User
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    PerkinElmer said on Monday that it has agreed to acquire BioLegend, a manufacturer of life science antibodies and reagents, for approximately $5.
    25 billion in cash and stock


    This acquisition is the largest acquisition in PerkinElmer's history and is expected to be completed by the end of 2021
    San Diego-based BioLegend provides antibodies and reagents for scientific research and biopharmaceutical customers for cell counting, multiplex detection, protein genomics, magnetic cell separation, and bioprocessing

    Among them, TotalSeq antibody can combine next-generation sequencing and single-cell labeling technology, which is favored by researchers


    BioLegend currently has more than 700 employees, most of them in the United States.
    It is estimated that operating income in 2022 will reach 380 million U.

    Through this transaction, PerkinElmer's business will expand into new life sciences, and BioLegend's San Diego campus will become PerkinElmer's global center of excellence for the development of scientific reagents


    Prahlad Singh, President and CEO of PerkinElmer, said: “We believe that (BioLegend) joining our team provides a rare opportunity to help life science researchers use evolving technologies and novel methods to better understand and fight against Disease

    He added on the conference call that the merger of the two companies has created a "true powerhouse who will be able to accelerate scientific progress and new product innovation throughout the company and around the world

    PerkinElmer expects that this transaction will boost its existing revenue growth and provide $0.
    30 in earnings per share in the first year after the transaction is completed

    In the second year after the transaction is completed, the transaction is expected to provide earnings per share of $0.

    It is expected that in the fifth year after the completion of the acquisition, the combined company will generate $100 million in revenue synergies each year


    In addition, PerkinElmer also reported that its second-quarter revenue increased by 51% year-on-year
    In the three months ending on July 4, its operating income reached US$1.
    23 billion, which was much higher than the US$812 million in the second quarter of 2020 and also exceeded Wall Street’s forecast of US$1.
    12 billion


    Jamie Mock, PerkinElmer's chief financial officer, said that organic revenue growth has reached 41%
    He pointed out that in the second quarter of 2021, all of the company's businesses and end markets have returned to the levels of 2019 before the new crown epidemic


    According to Mock, in the second quarter of 2021, COVID-19-related products and services contributed $365 million in revenue because the market's demand for PCR testing and RNA extraction products did not decrease as the company expected

    The immunodiagnostics business of the diagnostics department remained strong this quarter, with a year-on-year growth of more than 100%
    Mock said Euroimmun’s non-COVID business continued to rebound “strongly”, while the reproductive health business was able to offset the birth rate pressure and achieve double-digit year-on-year growth


    PerkinElmer said that the profit in the second quarter was $245.
    9 million, or $2.
    19 per share, compared with the profit of $137.
    2 million a year ago, or $1.
    23 per share

    Adjusted earnings per share for the second quarter of 2021 were US$2.
    83, exceeding Wall Street’s consensus estimate of US$2.


    The company's R&D expenditures increased to US$65.
    8 million, a 33% increase from US$49.
    5 million a year ago, while operating and management costs increased to US$281.
    8 million from US$221 million a year ago

    At the end of the second quarter, PerkinElmer had $572.
    8 million in cash and cash equivalents


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