Agilent Technologies Adds Strength to Its Life Science Business with Acquisition of Stratagene
Agilent Technologies Inc. (NYSE: A) today announced it has completed the acquisition of Stratagene Corp. (NASDAQ: STGN), 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.
The Stratagene acquisition is expected to strengthen Agilent’s life science offerings in genomics and proteomics, particularly in academia and government where Stratagene products and market leadership are well recognized. Meanwhile, Agilent’s sales channel strength in the pharmaceutical market provides additional opportunities for expanding the reach of Stratagene’s portfolio of reagents and instruments.
Stratagene is the largest acquisition that Agilent has made in several years, underscoring the company’s commitment to life sciences. Stratagene’s extensive portfolio of PCR enzymes and instrument capabilities, including quantitative PCR, coupled with Agilent’s range of product platforms, software and data management capabilities, provides full workflow solutions to both academic and pharmaceutical customers.
Stratagene’s product portfolio includes reagents for life science research and instruments. The company also offers a range of diagnostics products, including applications for allergy testing and urinalysis.
Stratagene’s life science reagent and instrument manufacturing facility in Cedar Creek, Texas, as well as its diagnostics facilities in Garden Grove, Calif., and Edinburgh, Scotland, are all registered to the ISO 13485 standard. The diagnostics facilities are also licensed medical device manufacturers, compliant with the U.S. Food and Drug Administration’s Quality System Regulation (QSR).
Other major Stratagene locations are La Jolla, Calif.; Tokyo, Japan; and Amsterdam, the Netherlands.
Agilent and Stratagene also have announced the sale of certain Stratagene assets to a new company, Decisive Diagnostics (a subsidiary of Catalyst Assets LLC), an entity formed by Dr. Joseph A. Sorge, former chairman, CEO and founder of Stratagene. Decisive Diagnostics is an entity formed to pursue molecular diagnostic applications. Decisive Diagnostics will acquire for $6.6 million certain assets of Stratagene from Agilent and license from Agilent certain of Stratagene’s molecular diagnostic technologies.
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