Danaher to Acquire Integrated DNA Technologies
Published: Mar 09, 2018
WASHINGTON, March 9, 2018 /PRNewswire/ -- Danaher Corporation(NYSE: DHR) (the "Company") and Integrated DNA Technologies ("IDT") announced today that Danaher has entered into a definitive agreement to acquire IDT, a privately-held provider of high-value consumables for genomics applications in molecular biology, qPCR, next generation sequencing, synthetic biology, gene editing and molecular diagnostics.
IDT's primary business is the manufacturing of high-quality, custom DNA and RNA oligonucleotides serving customers in the academic and biopharmaceutical research, biotechnology, agriculture, clinical diagnostics, and pharmaceutical development end markets. Founded in 1987 by Joseph Walder, MD, PhD, IDT has grown to become a leader in its served markets with more than 1,200 employees and over 100,000 customers worldwide. IDT will operate as a standalone operating company and brand within Danaher's Life Sciences platform.
Rainer Blair, Executive Vice President of Danaher's Life Sciences platform, said, "We are thrilled to have IDT join Danaher's Life Sciences platform. IDT expands our presence into the highly attractive genomics market and will help play a central role in accelerating our customers' research and time to market as they develop critical diagnostic tests and potential life-saving therapies. IDT's historical double-digit core revenue growth and strong margins are a testament to the team's commitment to the highest standards of quality, service, and technical expertise."
Thomas P. Joyce, Jr., Danaher President and Chief Executive Officer, stated, "Danaher is a proven steward of founder-led businesses, such as Hach and Phenomenex. We recognize the extraordinary contributions Dr. Walder and IDT have made to the advancement of genomics research and applications over the past 30 years. We look forward to supporting the IDT team and helping them leverage the tools of the Danaher Business System (DBS) to further enhance their growth profile and continue to create long-term customer value."
"For more than 30 years, IDT's innovative tools and solutions for genomics applications have helped scientists advance their research and contribute to solving some of the world's most vexing diseases and other challenges addressed by the life sciences community," said Joseph Walder, CEO and Chairman of IDT. "Joining Danaher will allow us to accelerate the high pace of innovation and superior service our customers have come to expect from us, as well as help expand our global reach. I'm excited to watch IDT further grow and innovate in this expanding area of genomics with the help of DBS."
The transaction, which is expected to close mid-year 2018, is subject to customary closing conditions and regulatory approvals.
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of approximately 67,000 associates is united by a common culture and operating system, the Danaher Business System. For more information, please visit www.danaher.com.
Integrated DNA Technologies, Inc. (IDT) develops, manufactures, and markets nucleic acid products for the life sciences industry in the areas of academic research, biotechnology, agriculture, medical diagnostics, and pharmaceutical development. The company's primary business is the production of custom oligonucleotides for molecular biology applications. IDT has developed proprietary technologies for genomics applications such as next generation sequencing, CRISPR genome editing, qPCR, and RNA interference. Through its GMP services, IDT manufactures products used in diagnostic tests for many forms of cancer and most inherited and infectious diseases. Serving over 100,000 life sciences researchers and producing over 65,000 nucleic acids daily, IDT is widely recognized as the industry leader in custom nucleic acid manufacture. The company serves its customers through direct sales in many countries and a network of international distributors. IDT's corporate headquarters is in Skokie, Illinois, USA. Its manufacturing headquarters is in Coralville, Iowa, USA, with additional manufacturing facilities in San Diego, California, USA; Leuven, Belgium; and Singapore.
FORWARD LOOKING STATEMENTS
Statements in this release that are not strictly historical, including statements regarding the proposed acquisition, the expected timetable for completing the transaction, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined businesses and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, are "forward-looking" statements within the meaning of the U.S. federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, risks and uncertainties related to: general economic conditions and conditions affecting the industries in which Danaher and IDT operate; the uncertainty of regulatory approvals; the parties' ability to satisfy the acquisition agreement conditions and consummate the transaction on the anticipated timetable or at all; Danaher's ability to successfully integrate IDT's operations and employees with Danaher's existing business; the ability to realize anticipated growth, synergies and cost savings; and IDT's performance and maintenance of important business relationships. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2017 Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and, except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
CONTACT: DANAHER CONTACT - Matthew E. Gugino, VP, Investor Relations, Danaher Corporation, Telephone: (202) 828-0850, Fax: (202) 828-0860; IDT CONTACT- Gwen Rosenberg, VP, Global Corporate Communications, Integrated DNA Technologies, Inc., Telephone: (847) 745-1683
SOURCE Danaher Corporation
Company Codes: NYSE:DHR