PerkinElmer inks deal to divest businesses

By LabPulse.com staff writers

August 1, 2022 -- Moving closer to its goal of becoming solely a life sciences and diagnostics company, PerkinElmer said Monday that it has signed an agreement to divest its applied, food, and enterprise services businesses to private equity firm New Mountain Capital for a total of $2.45 billion in cash.

Of the purchase amount, $2.3 billion will be received at closing and $150 million will be payable contingent on the exit valuation New Mountain receives on a sale or other capital events related to the business. The new ownership is expected to retain the PerkinElmer name and brand for the applied, food, and enterprise services businesses.

The transaction is expected to be completed in the first quarter of 2023, subject to regulatory approvals and other customary closing conditions.

Upon closure of the deal, the company's business will consist only of its life sciences and diagnostics units. These businesses are projected to generate approximately $3.3 billion in revenue in 2022, approximately 80% of which is recurring, the firm said.

A new name and stock ticker for the company's life sciences and diagnostics businesses will be announced at a later date. The new company will be led by PerkinElmer's existing senior management team.

PerkinElmer, Novartis expand newborn screening for SCD
PerkinElmer on Thursday announced that it is collaborating with Novartis to expand newborn screening for sickle cell disease (SCD) in sub-Saharan Africa.
PerkinElmer highlights cell and gene therapy at SLAS 2022
PerkinElmer is highlighting its portfolio of cell and gene therapy products, as well as automatic genomic workflows, at the Society for Laboratory Automation...
PerkinElmer's diagnostics revenue, income dip in Q4
PerkinElmer posted declines in revenue and operating income in its diagnostics business in the fourth quarter of 2021.
PerkinElmer launches kit to detect SARS-CoV-2 variants
PerkinElmer has launched a research-use-only SARS-CoV-2 test kit to accelerate the detection of variants, including omicron.
PerkinElmer receives EUA for respiratory SARS-CoV-2 panel
PerkinElmer has received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for its PKamp Respiratory SARS-CoV-2 reverse...

Copyright © 2022 LabPulse.com

Last Updated mp 8/1/2022 2:20:00 PM



Subscribe Today
Do you want to be a Microbiology Insider?

When LabPulse gets hot new information, our Insiders are the first to find out. Stay current in today's competitive market by receiving our exclusive free email updates.

Yes, Keep Me Current