Agilent Technologies has entered a definitive agreement to acquire Dako, a Denmark-based cancer diagnostic company, for $2.2 billion. Dako provides antibodies, reagents, scientific instruments and software primarily to customers in pathology labs for diagnostics for cancer patients. Dako also collaborates with several major pharmaceutical companies to develop companion diagnostics. Dako employs more than 1,000 people, primarily in Denmark and Carpinteria, CA, as well as other parts of the world, and had revenues of approximately $340 million in 2010.
“In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,” said Bill Sullivan, Agilent president and chief executive officer. “Dako is one of the world’s leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer.”
Lars Holmkvist, chief executive officer of Dako, said, “Our combined companies will have complementary strengths. Like Agilent, Dako has a long history as a leader in scientific advancement and a culture that values discovery and innovation. We believe that Agilent and Dako are a winning combination.”
The acquisition, subject to customary closing conditions, is expected to close within the next 60 days.