Caliper shares jump on buy-out news Print E-mail
By Staff and Wire Reports   
Thursday, 08 September 2011 09:14
fda calendarShares of Caliper Life Sciences (Nasdaq: CALP) are up over 40% to $10.40 in early trading after health and industrial sciences company PerkinElmer Inc. (NYSE: PKI ) said Thursday it has agreed to buy Caliper, which makes technologies used for drug development, for about $600 million in cash.

PerkinElmer said the deal will expand its product portfolio to include broader offerings for molecular, cellular, animal and tissue imaging. It also will include platform technology additions to help expand into areas like environmental contaminants and food pathogen detection,

PerkinElmer, based in Waltham, Mass., said it will pay $10.50 per share for Hopkinton, Mass.-based Caliper. That was a 42 percent premium to Caliper's closing price of $7.39 closing price on Wednesday.

Caliper shares climbed $3.04, or 41 percent, $10.43 in morning trading Thursday. Perkin-Elmer shares fell 37 cents, or 1.7 percent, to $21.68.

Robert F. Friel, chairman and chief executive officer, PerkinElmer, said, “The acquisition of Caliper Life Sciences brings innovative molecular imaging and detection technologies to our portfolio, complementing our world-leading offerings in life science, diagnostics, environmental and food markets.”

Friel added, “The R&D, application expertise, and intellectual property of the combined organization will provide our customers with enhanced knowledge and services and a strong pipeline of innovation. Additionally, the proven leadership and talent of the Caliper team will be a strong addition to our organization."

The combined technology platforms will expand PerkinElmer's deep portfolio of solutions and services for global customers including:

  • Broader offerings for molecular, cellular, animal and tissue imaging to enable translational medicine research;
  • Addition of a world-leading microfluidics platform for genomics and proteomics applications, for improved detection and screening through low sample use and efficiency;
  • High-value sample preparation technologies for key scientific workflow areas such as Next Generation DNA Sequencing;
  • More comprehensive solutions and services for identification of therapeutic response, biotherapeutics development and biologics QA/QC;
  • Platform technology additions to drive expansion into attractive areas such as detection for environmental contaminants and food pathogens; and
  • Broadening services capabilities, leveraging multi-vendor asset management, custom research, and profiling for contaminants and adverse effects.

Kevin Hrusovsky, chief executive officer, Caliper Life Sciences, noted, “We are delighted to become part of PerkinElmer. For 10 years, Caliper has partnered with strategic customers to develop a compelling suite of discovery technologies for broad life science applications.”

Hrusovsky added, “I am excited by both PerkinElmer’s ability to leverage its global reach for the delivery of solutions and the opportunity to accelerate the development of important advances that make a difference in improving human and environmental health. I am confident this is the correct strategic direction at this time for Caliper customers, shareholders and employees, and we are looking forward to becoming part of one of the leading companies in our industry.”

Hrusovsky is anticipated to join the PerkinElmer senior leadership team following the close of the transaction.

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