Agilent Technologies acquires Stratagene
Agilent Technologies Inc. announced it has completed the acquisition of Stratagene Corp., a leading developer, manufacturer and marketer of specialized life science research and diagnostic products. Agilent expects this strategic acquisition to accelerate its growth in life sciences through a complementary product portfolio and strong market reach into academia and government.
Agilent announced the definitive agreement to acquire Stratagene on April 6, 2007. The company paid approximately $250 million for Stratagene, or $10.94 per share of common stock. Completion of this acquisition will have no impact on Agilent's earnings-per-share guidance. Agilent's revenue guidance for the third quarter is now $1.38 billion to $1.42 billion.
Stratagene is a worldwide leader in developing innovative products and technologies for the growing life science research market. Agilent believes the total addressable life science market to be $14 billion, with an estimated compounded annual growth rate of 7 to 9 percent over the next three years.
"We are excited about the opportunities ahead," said Nick Roelofs, vice president and general manager of Agilent's Life Sciences Solutions Unit. "With our combined product portfolios, technology, R&D expertise and employees, we will serve a wider customer base with more comprehensive workflow solutions. This acquisition is truly an example of one-plus-one is greater than two because of the workflow leverage we anticipate from combining our two companies."
Stratagene supports advances in life sciences by inventing, manufacturing and marketing products that simplify, accelerate and improve research. Since 1984, the company's products have been used throughout the academic, industry and government research sectors in fields spanning molecular biology, genomics, proteomics, drug discovery and toxicology. Stratagene employs more than 450 people worldwide, who have now joined Agilent.
Source: Agilent Technologies