Agilent Technologies to Acquire Dako for $2.2 Billion

Agilent Technologies Inc. and Swedish private-equity group EQT announced this week Agilent’s plan to acquire Dako, a Denmark-based cancer-diagnostics company. The $2.2-billion acquisition (on a debt-free basis) is the largest in Agilent’s history, Agilent says.

Dako provides antibodies, reagents, scientific instruments, and software primarily to customers in pathology laboratories, with a focus on oncology. Dako also collaborates with a number of major pharmaceutical companies to develop potential companion diagnostics. Dako’s products are sold in more than 100 countries, and in 2010 its annual revenue was approximately US$340 million, Agilent reports. The company employs more than 1,000 people, primarily in Denmark, as well as in California and other parts of the world.

“In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,” said Bill Sullivan, Agilent president and CEO. “Dako is one of the world’s leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer.”

“Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth,” said Sullivan. “Dako employs extremely talented people with specialized expertise that we highly value. Their knowledge and experience will be very important as we move forward together.”

The acquisition is expected to close within the next 60 days, subject to the satisfaction of customary closing conditions.

Agilent hosted a conference call on May 17, 2012 to discuss the transaction; there are details at Agilent’s Website.