PKI - PerkinElmer to acquire Oxford Immunotec for $591M

PerkinElmer (PKI) to acquire Oxford Immunotec for $22/share in cash, for total transaction value of $591M.The acquisition price of $22 represents premium of approximately 28.3% to the closing price per share of USD 17.15 on January 5, 2021.Through this Acquisition, PerkinElmer will grow its portfolio of advanced infectious disease testing solutions to include tuberculosis detection to better serve customers around the world.The acquisition to be modestly accretive to PerkinElmer non-GAAP earnings in year-one following the close, and PerkinElmer anticipates Oxford Immunotec’s sales growth will exceed that of its Diagnostics franchise for the foreseeable future.Oxford Immunotec had approximately 275 global employees as of September 30, 2020 and reported total revenue from continuing operations of $73.7M and $39.2M as of the fiscal year ended December 31, 2019 and the nine months ended September 30, 2020, respectively.The transaction is expected to close in the first half of calendar 2021.Upon the closing of the transaction,

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PerkinElmer to acquire Oxford Immunotec for $591M