21.05.2012 - Agilent has paid US$2.2bn for diagnostics specialist Dako in the largest acquisition in its history.
Glostrup/Santa Clara-based - It is the next billion dollar deal in the field of molecular diagnostics: Agilent Technologies Inc. will acquire Danish cancer diagnostic and tools company Dako A/S for US-$2.2bn in cash.
The acquisition would increase its presence in the life sciences and diagnostic markets, and complement its molecular analysis portfolio of fluorescence in situ hybridisation (FISH) assays. Agilent added that, because more than 90% of Dako's business is reagents and services, the deal will reduce volatility and grow Agilent's recurring revenues to 30% from 25% of total revenue.
Agilent had net revenues of US-$6.6 bn in 2011. The deal is expected to close within 60 days. Credit Suisse advised Agilent. Tissue-based diagnostics firm Dako provides antibodies, reagents, instruments, and software to the clinical pathology market worldwide, and also collaborates with the pharma industry on the development of companion diagnostics. The firm reported annual revenues of some US $240m in 2010 and employs over 1,000 people worldwide. Dako has several companion diagnostic deals with biotech and pharma companies, including one with Roche's Genentech Inc. to market HercepTest as a patient selection aid for HER2-positive breast cancer drug Herceptin trastuzumab.
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