Agilent to Acquire Stratagene
Agilent enters several new markets with this acquisition, including PCR reagents and thermal cyclers, and nucleic acid purification, protein and cell biology reagents, as well as clinical diagnostic instruments and tests. The acquisition positions Agilent to expand its life science offerings, as well as its sales to academic and government laboratories. It is also further indication of Agilent’s ambitions in the life science market, as well as other areas.
Santa Clara, CA 4/6/07; La Jolla, CA 4/6/07—Agilent Technologies has signed a definitive agreement to purchase Stratagene for $10.94 per share of common stock, a 28% premium over Stratagene’s April 5 closing prices, or approximately $246.2 million in cash. Stratagene’s products include reagents and instruments for life science research and clinical diagnostics. “We see Stratagene’s technology, products and expertise as being highly complementary to Agilent’s life sciences portfolio, enabling us to offer our customers more complete workflow solutions,” stated Nick Roelofs, vice president and general manager of Agilent’s Life Sciences Solutions Unit. “Stratagene has a strong R&D team as well as excellent presence in the important academic and government markets.” Based in La Jolla, California, with more than 400 employees, Stratagene’s 2006 revenues, excluding a settlement payment, declined 0.7% to $95.6 million (see IBO 3/15/07). The acquisition is expected to close in 90 days. Stratagene CEO and Chairman Dr. Joseph A. Sorge has formed a molecular diagnostics company that will purchase certain Stratagene assets from Agilent for $6.6 million and license other technologies from Agilent.
