MASSDEVICE ON CALL — Agilent Technologies (NYSE:A) doled out more than $2 billion in cash to acquire Dako, a Denmark-based cancer diagnostic company with more than 1,000 employees with a foothold in more than 100 countries.
The deal, intended to grow Agilent’s life sciences business, is the largest in the company’s history, according to a press release.
"In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings," president & CEO Bill Sullivan said in prepared remarks. "Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth."
Agilent hopes to gain ground in a pair of high-growth diagnostics markets: anatomic pathology and molecular diagnostics, which represent a combined $6.7 billion market.
Dako mainly develops products used in pathology laboratories and it raked in about $340 million in sales in 2010. Agilent expects Dako’s 2013 revenues to top $370 million.
"This is going to be a very exciting journey," Dako CEO Lars Holmkvist told investors during a conference call today. "The match with Agilent is excellent new for both companies and I’m very happy to report that the entire Dako management team has accepted to join in this journey."
Agilent expects the deal to close within the next 60 days, according to a statement.
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