Agilent announces largest acquisition in its history

Agilent Technologies Inc. (Santa Clara, California, USA) has announced that it is to acquire Dako (Glostrup, Denmark), the cancer diagnostic company. The $2.2 billion acquisition is the largest in Agilent's history and a significant investment of the company's overseas cash.

Dako provides antibodies, reagents, scientific instruments and software to customers in pathology laboratories to raise the standards for fast and accurate diagnostic answers for cancer patients. They also collaborate with several major pharmaceutical companies to develop new potential pharmacodiagnostics, which can be used to identify patients most likely to benefit from a specific targeted therapy. Dako's products are sold in more than 100 countries.

More than 90% of Dako's business lies in reagants and services and Agilent expect to see their recurring revenues grow from 25% to 30% of total revenue.Bill Sullivan, Agilent president and chief executive officer, said “In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings. Dako is one of the world’s leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer. Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth. Dako employs extremely talented people with specialized expertise that we highly value. Their knowledge and experience will be very important as we move forward together.”

Lars Holmkvist, CEO of Dako, said, “Our combined companies will have complementary strengths. Like Agilent, Dako has a long history as a leader in scientific advancement and a culture that values discovery and innovation. We believe that Agilent and Dako are a winning combination.”

The acquisition is expected to close within the next 60 days, subject to the satisfaction of customary closing conditions.

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