PerkinElmer will acquire antibody manufacturer BioLegend for US$5.25 billion

PerkinElmer said on Monday that it has agreed to acquire BioLegend, a manufacturer of life science antibodies and reagents, for approximately $5.

This acquisition is the largest acquisition in PerkinElmer's history and is expected to be completed by the end of 2021

BioLegend currently has more than 700 employees, most of them in the United States.

Prahlad Singh, President and CEO of PerkinElmer, said: “We believe that (BioLegend) joining our team provides a rare opportunity to help life science researchers use evolving technologies and novel methods to better understand and fight against Disease

He added on the conference call that the merger of the two companies has created a "true powerhouse who will be able to accelerate scientific progress and new product innovation throughout the company and around the world

PerkinElmer expects that this transaction will boost its existing revenue growth and provide $0.

In addition, PerkinElmer also reported that its second-quarter revenue increased by 51% year-on-year

Jamie Mock, PerkinElmer's chief financial officer, said that organic revenue growth has reached 41%

According to Mock, in the second quarter of 2021, COVID-19-related products and services contributed $365 million in revenue because the market's demand for PCR testing and RNA extraction products did not decrease as the company expected

The immunodiagnostics business of the diagnostics department remained strong this quarter, with a year-on-year growth of more than 100%

PerkinElmer said that the profit in the second quarter was $245.

The company's R&D expenditures increased to US$65.