WALTHAM, Mass. & SHANGHAI--(BUSINESS WIRE)--PerkinElmer, Inc., a global leader focused on improving the health and safety of people and their environment, today announced it has completed the acquisition of Shanghai-based SYM-BIO Lifescience, a leading provider of diagnostics instruments and related reagents, in a cash transaction equivalent to $63.7 million (RMB 435 million). The acquisition is expected to have no material impact on PerkinElmer’s adjusted earnings per share for 2009 and be slightly accretive in 2010.
SYM-BIO Lifescience is a major supplier of diagnostics to hospitals in China, particularly in the area of infectious diseases, which represents a major addition to PerkinElmer’s diagnostics portfolio. The acquisition doubles PerkinElmer’s access to the hospitals market segment in China, offering a larger base from which to expand its prenatal and newborn screening business in the country, and provides the Company with a significant local diagnostics manufacturing and R&D base as well.
The addition of SYM-BIO’s infectious disease products also complements PerkinElmer’s leading worldwide position in prenatal and neonatal screening, providing a new line of diagnostics for expansion of the Company’s regional and global offerings.
Ann-Christine Sundell, president, Genetic Screening, PerkinElmer, said, “PerkinElmer and SYM-BIO Lifescience are very pleased to have the opportunity to introduce new products to advance the health of mothers and children in China, as well as assist in reducing the threat of major infectious diseases among at-risk patient populations. The acquisition strongly positions PerkinElmer in the fast-growing diagnostics market in China and expands our access to the market, as well as our offerings portfolio.”
According to Zhang Sheng, president of SYM-BIO Lifescience, “The acquisition provides an unmatched opportunity for advanced products from China to be introduced to regional and global markets, as SYM-BIO is a recognized national leader in high quality offerings. PerkinElmer also brings significant technology and expertise into the China market.”
As part of the acquisition, PerkinElmer gains access to substantial manufacturing plant capacity in Shanghai and the surrounding area, where the company will be able to expand local production capabilities for a number of PerkinElmer products in China, in addition to the diagnostics portfolio.
About SYM-BIO Lifescience
SYM-BIO Lifescience is a recognized national leader in high quality, innovative diagnostic products. The company’s offerings include optical mechanical technology, electrical automation, chemical synthesis, and cloned antibodies preparation. SYM-BIO has developed China’s first Time-Resolved Fluorescence (TRF) detection system, as well as China’s first TRF in-vitro diagnostic kit.
About PerkinElmer, Inc.
PerkinElmer, Inc. is a global leader focused on improving the health and safety of people and the environment. The Company reported revenue of approximately $2 billion in 2008, has around 8,500 employees serving customers in more than 150 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE.
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products decline or do not grow as anticipated; (2) fluctuations in the global economic and political environments; (3) our failure to introduce new products in a timely manner; (4) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (5) our failure to adequately protect our intellectual property; (6) the loss of any of our licenses or licensed rights; (7) our ability to compete effectively; (8) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (9) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (10) disruptions in the supply of raw materials and supplies; (11) the manufacture and sale of products may expose us to product liability claims; (12) our failure to maintain compliance with applicable government regulations; (13) regulatory changes; (14) our failure to comply with health care industry regulations; (15) economic, political and other risks associated with foreign operations; (16) our ability to retain key personnel; (17) significant disruption in our information technology systems; (18) restrictions in our credit agreements; (19) our ability to realize the full value of our intangible assets; (20) significant fluctuations in our stock price; (21) reduction or elimination of dividends on our common stock; and (22) other factors which we describe under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Contact:
Investor Relations: PerkinElmer, Inc. Dave Francisco, 781–663-5677 or Media Contact: PerkinElmer, Inc. Mario Fante, 781-663-5602 mario.fante@perkinelmer.com or Additional Media Contact: Porter Novelli Kate Weiss, 617-897-8255 kate.weiss@porter.novelli.com
