US medical diagnostic firm PerkinElmer has agreed to acquire Oxford Immunotec Global, a UK-based diagnostics company, for $22 per share or around $591 million.
Oxford Immunotec is engaged in developing test kits for latent tuberculosis.
The company’s Interferon Gamma Release Assay (IGRA) offering is used for detecting tuberculosis.
As of 30 September 2020, Oxford Immunotec had nearly 275 employees and total revenue of $73.7 million as of the fiscal year ended 31 December 2019.
PerkinElmer by acquiring Oxford Immunotec expects to expand its portfolio of advanced infectious disease testing solutions by including tuberculosis detection.
Furthermore, the acquisition will help PerkinElmer to combine its channel expertise and workflow and testing capabilities with Oxford Immunotec’s proficiencies in T cell immunology with its test kits for latent tuberculosis.
Prahlad Singh – President and CEO of PerkinElmer, commenting on PerkinElmer acquisition of Oxford Immunotec, said: “Tuberculosis remains one of the leading infectious causes of death, with close to one quarter of the world’s population infected. We believe Oxford Immunotec’s diagnostic testing solution plays an important role in slowing the spread and saving lives.
“Oxford Immunotec’s highly sensitive test and their team’s passion for solving complex health issues make it a natural fit with PerkinElmer’s mission and together, we believe will accelerate development of robust solutions to help detect infectious disease.”
On the other hand, PerkinElmer’s diagnostics portfolio includes solutions focused on immunodiagnostics, reproductive health, and applied genomics.
Commenting on PerkinElmer acquisition of Oxford Immunotec, Peter Wrighton-Smith – CEO of Oxford Immunotec, said: “We are delighted to be joining the PerkinElmer family. We believe this transaction is great for our shareholders, our employees and our customers. Access to PerkinElmer’s global reach and automation experience will enable us to accelerate our growth journey and make a growing impact in the field of infectious disease.”
The deal, which is subject to approval of Oxford Immunotec’s shareholders, court approval of the scheme, and meeting of other customary closing conditions, is expected to be wrapped up in the first half of this year.
In late 2020, PerkinElmer signed an all-cash deal worth around $383 million to acquire UK-based cell engineering company Horizon Discovery Group for growing its portfolio of automated life sciences discovery and applied genomics solutions with gene editing and gene modulation tools.