Washington, DC 4/19/18—Danaher confirmed in its first quarter SEC filing that it paid approximately $2.0 billion, including debt assumed and net of cash acquired, to purchase oligonucleotide provider Integrated DNA Technologies (IDT) (see IBO 3/15/18). “As a leading player in the fast growing genomics reagent segment, IDT has generated double-digit core revenue growth and has an attractive margin profile. The business will be a standalone operating company in our Life Science segment,” stated Danaher President and CEO Tom Joyce on the company’s quarterly conference call. IDT has annual 2017 revenues of $260 million. The acquisition was financed with cash and an issue of commercial paper.

On the call, Mr. Joyce also commented, “We think it fits extraordinarily well with a number of the growth areas in Life Sciences and really fills what otherwise you would have said would have been a bit of a void, in terms of addressing the high-growth consumables positions in those high-growth segments.”  Mr. Joyce also stated that IDT has recorded growth rates in the mid-teens in recent years with gross margins above 60%. Around 75% of its business is based in North America, providing Danaher with opportunities for international expansion.