PerkinElmer Inc to buy Germany's Euroimmun

PerkinElmer Inc is to buy Germany's Euroimmun Medical Laboratory Diagnostics AG in a deal worth $1.3bn.

The scientific instruments maker is looking to expand its reach into autoimmune and allergy diagnostic markets and Euroimmun is recognised as a lead autoimmune testing company in infectious disease and allergy testing.

It employs 2,400 members of staff and has recorded an average revenue growth of 19% over the last five years, generating sales in more than 130 countries worldwide.

45% of its revenues come in China, with the buy-out giving PerkinElmer Inc new infectious disease capabilities to its customers in the Asian country.

The deal could add up to $0.30 per share to Perkin Elmer Inc’s 2018 adjusted earnings, with the transaction expected to complete in the final quarter of this year.

First quarter numbers for Perkin Elmer Inc revealed revenues of $514.12m, nearly $8m up on the predicted figure of $506.81m.