PerkinElmer to Acquire NEN Life Sciences for $400 Million

PerkinElmer Inc. (Wellesley, MA) has agreed to acquire NEN Life Sciences (Boston), a provider of drug discovery products, services, and technologies to the life science industry, for approximately $400 million. The deal, which is subject to customary closing conditions and regulatory approvals, is expected to close early in the third quarter.

The acquisition will make PerkinElmer one of the top three global providers of drug discovery tools, said Gregory L. Summe, chairman and CEO of PerkinElmer, in a company press release.

"Our strength in high-throughput screening instruments, combined with NEN's strength in life science reagents, enables us to offer comprehensive solutions to our global base of over 10,000 customers," Summe continued. "NEN's 1500 products, 70 patent families, and more than 60 technology licenses with leading industry and academic institutions, are very complementary to our existing business."

According to Patrik O. Dahlen, president of PerkinElmer Life Sciences, the combined life science business will have a revenue base of approximately $300 million, with more than 75% related to services and consumables. "We will be uniquely positioned in the rapidly growing drug discovery market with new complementary technologies such as fluorescence polarization, SNP detection, and microarray systems," he added.

PerkinElmer Inc. is a high technology company operating in four businesses: Life Sciences, Fluid Sciences, Optoelectronics, and Analytical Instruments.

NEN is a developer, manufacturer, and distributor of life science products and technologies for basic research, drug discovery, pharmaceutical development, and other life science applications.

For more information: PerkinElmer Inc., 45 William St., Wellesley, MA 02481. Tel: 781-237-5100. Fax: 781-431-4255.

Edited by Jim Pomager