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Biotech Tools Integrate
2001-07-16 admin
PerkinElmer to acquire Packard BioScience
17 July 2001, 1 pm GMT
PerkinElmer Inc. will acquire Packard BioScience Co, which makes tools used for drug discovery, for about dlrs 610 million, excluding debt, the companies announced Monday.
The transaction, subject to the approval of regulators and shareholders of both companies, is expected to close during the fourth quarter. It is structured as a tax-free, all-stock merger with an exchange ratio of 0.3 share of PerkinElmer common stock for each share of Packard BioScience common stock.
Packard BioScience makes instruments and provides services for use in drug discovery and other life sciences research, such as basic human disease research, genetic analysis and biotechnology. Meriden-based Packard BioScience employs nearly 1,000 workers and expects revenue of approximately dlrs 200 million this year.
Boston-based PerkinElmer reported revenue of dlrs 1.7 billion last year.
The combined company will be able to provide a full spectrum of drug discovery tools, company officials said.
Company officials said it's too soon to say whether there will be layoffs or a closing of one company's headquarters.
www.perkinelmer.com
www.packardbioscience.com
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