Phenomenex to be acquired by Danaher Corporation
Phenomenex Inc., a privately held manufacturer and distributor of high-value consumables for the separation sciences, announced it has signed a definitive agreement to be acquired by Danaher Corporation, a Fortune 150 science and technology company. Phenomenex will operate as a standalone operating company, retaining the Phenomenex brand, its personnel and site locations.
Phenomenex is a leading player in proprietary chromatography consumables, serving the liquid and gas chromatography market. Over the past 30 years Phenomenex has grown to become a leader in the market with more than 7,000 products supporting a broad diversity of applications in drug discovery and development, clinical research, forensic toxicology, petrochemical, environmental analysis and food safety. Its more than 700 employees sell and provide support into 92 countries through direct and distributor channels.
"Phenomenex is a widely recognizable brand that we are proud to say is highly respected and well established as providing high-quality consumables to the scientific community worldwide," said Fasha Mahjoor, CEO, Phenomenex. "Joining Danaher will allow us to maintain the high pace of innovation that our customers and international distributors have come to expect from us. This is our opportunity to further expand our R&D activities, benefit our customers with a more diversified product portfolio and reinforce our market leadership."
"We are thrilled to have Phenomenex join Danaher's life sciences portfolio of businesses, which include SCIEX, Beckman Coulter Life Sciences, Pall, Leica Microsystems and Molecular Devices," said Dan Daniel, Executive Vice President, Danaher. "Phenomenex is a strong business characterized by high growth rates and margins and excellent growth prospects driven by increasing analytical testing needs in the health, research and environmental segments. The Danaher Business System (DBS) has a strong track record of helping businesses rapidly scale operations and create long-term customer value. We look forward to supporting the Phenomenex team in leveraging DBS tools for growth and welcoming them to our Life Sciences team." The transaction, which is expected to close by late 2016, is subject to customary closing conditions and regulatory approvals.
Phenomenex is a global technology leader committed to developing novel analytical chemistry solutions that solve the separation and purification challenges of researchers in industrial, clinical research, governmental and academic laboratories. From drug discovery and pharmaceutical development, food safety and environmental analysis, Phenomenex chromatography solutions accelerate science and help researchers improve global health and wellbeing.
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world-class brands have leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of 59,000 associates is united by a common culture and operating system, the Danaher Business System.
Statements in this release that are not strictly historical, including statements regarding the proposed acquisition, the expected timetable for completing the transaction, future financial and operating plans and results (including anticipated pace of innovation, growth rates, margins and growth prospects), benefits and synergies of the transaction, future opportunities for the combined businesses and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, are "forward-looking" statements within the meaning of the U.S. federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, risks and uncertainties related to: general economic conditions and conditions affecting the industries in which Phenomenex and Danaher operate; the uncertainty of regulatory approvals; the parties' ability to satisfy the acquisition agreement conditions and consummate the transaction on the anticipated timetable or at all; the successful addition of Phenomenex to Danaher's existing business; the ability to realize anticipated growth, synergies and cost savings; and Phenomenex's performance and maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Danaher's SEC filings, including its 2016 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the second quarter of 2016. These forward-looking statements speak only as of the date of this release and, except to the extent required by applicable law, neither Phenomenex nor Danaher assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.