Agilent Technologies Inc. has announced that its acquisition of cancer diagnostics company Dako has been completed.
Agilent, which paid $2.2 billion in cash for Dako (on a debt-free basis), expects the acquisition to help strengthen Agilent's position in life sciences, with a focus on product development to help in the fight against cancer.
Bill Sullivan, Agilent president and CEO, said, "The acquisition of Dako, the largest in Agilent's history, is another step in the expansion of our life science business. The addition of Dako and its portfolio will help Agilent accelerate our growth in several rapidly expanding areas of diagnostics, as well as strengthen our existing offerings. I look forward to the exciting possibilities ahead."
"Agilent and Dako have some of the best talent and technology in the world," said Lars Holmkvist, Dako CEO.
Holmkvist continued, "By combining resources, we believe that both of our companies will benefit, as will our customers and employees. I have great confidence in what we will be able to accomplish together."
In conjunction with the acquisition, Agilent has formed a fourth business reporting segment, the Diagnostics and Genomics Group.
The new organization is composed of Dako, led by Lars Holmkvist, and the Genomics Solutions Division, led by Bob Schueren, vice president and general manager of Agilent's genomics group.
The Diagnostics and Genomics Group will report directly to Bill Sullivan.
Dako is one of the leading global suppliers of cancer diagnostics tools, providing antibodies, reagents, scientific instruments and software to customers in pathology laboratories.
Agilent and EQT, a Sweden-based private equity group, announced that they had signed a definitive agreement for the acquisition on May 17.