PerkinElmer to buy privately held BioLegend for $5.25 billion
Shares of PerkinElmer Inc. PKI, +2.67% fell 1.3% in premarket trading Monday, after the diagnostics, life science and food company announced an agreement to buy life science discovery and research company BioLegend for $5.25 billion in cash and stock. BioLegend, with 700 employees and based primarily in the U.S., is estimated to have $380 million in revenue in 2022.
PerkinElmer expects the deal, which is anticipated to close by the end of 2021, to add to revenue growth and add an estimated 30 cents to adjusted earnings per share in the first full year after the close, and to add 50 cents to adjusted EPS in the second year. Revenue synergies are expected to reach $100 million a year by the fifth year after the deal's closing. Separately, PerkinElmer reported second-quarter adjusted EPS that rose to $2.83 from $1.57, above the FactSet consensus of $2.
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