PerkinElmer To Buy EUROIMMUN For About $1.3 Bln Cash; Backs FY17 Outlook

(RTTNews) - PerkinElmer, Inc. (PKI) announced Monday that it has entered into a definitive agreement to acquire Germany- based EUROIMMUN Medical Laboratory Diagnostics AG. The total purchase price will be approximately $1.3 billion in cash.

The transaction is subject to customary closing conditions and is currently anticipated to close in the fourth quarter of 2017 following the receipt of required standard regulatory approvals.

The acquisition is expected to be accretive to PerkinElmer's 2018 non-GAAP earnings per share results by approximately $0.28 to $0.30.

Additionally, PerkinElmer reaffirmed its 2017 revenue and earnings per share guidance.

EUROIMMUN, with approximately 2,400 employees, is an autoimmune testing company and an emerging force in infectious disease and allergy testing. The company is expected to generate approximately $310 million in revenue this year, and over the last five years, the company has averaged revenue growth of 19%.

In 2016, EUROIMMUN generated sales in more than 130 countries worldwide, with approximately 45% of revenues in China, 30% in Europe, Middle East & Africa, 5% in the Americas and 20% in Rest of World.

PerkinElmer noted that the combination expands PerkinElmer's reach into autoimmune and allergy diagnostic markets, while offering new infectious disease capabilities to customers in China.