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Agilent Technologies to buy cancer diagnostic firm Dako from Swedish EQT for $2.2 bln

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Agilent Technologies (NYSE:A) announced Thursday it has agreed to acquire the Denmark-based cancer diagnostic company Dako, from the Sweden-based private equity group EQT for $2.2 billion dollars.

Agilent provides bio-analytical and electronic measurement solutions to the communications, electronics, life sciences and chemical analysis industries.

The deal to buy Dako is part of its effort to increase its presence in the clinical diagnostics market.
Agilent’s bio-analytical measurement business provides instruments, software, consumables and services that allow customers to measure and analyze the physical and biological properties of substances and products.

The company’s measurement business complements Dako’s tissue diagnostic technology and position in the life sciences field, Agilent said.

"In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,” said Agilent’s president and CEO, Bill Sullivan.

"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."

Agilent serves customers in more than 100 countries, and had net revenue of $6.6 billion last year.

Dako’s reagents, antibodies, scientific instruments, and software are used to accurately diagnose and determine effective treatments for cancer patients. The company also works with many large pharmaceutical companies to develop new potential pharmacodiagnostics that are used to identify which patients are most likely to benefit from a specific targeted therapy.

"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," said Dako’s CEO Lars Holmkvist.

Dako is also present in more than 100 countries, and had net revenue of roughly $340 million last year.

The deal, which is slated to close within the next 60 days, is subject to customary conditions.

Shares of Agilent were trading at $39.76 pre-market Thursday morning.

Quick facts: Agilent Technologies

Price: 83.42 USD

NYSE:A
Market: NYSE
Market Cap: $25.78 billion
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