NEW YORK (GenomeWeb News) – Agilent Technologies today said that it has completed the acquisition of Dako for $2.2 billion in cash.
Agilent signed the deal to acquire the Danish cancer diagnostics firm last month and said at the time that it would fund the acquisition entirely with its off-shore cash. The acquisition provides Agilent with Dako's immunohistochemistry products and a growing companion diagnostics business.
Didier Hirsch, chief financial officer for Agilent, has said that Dako is expected to generate $373 million in revenues in fiscal 2013 with $68 million operating profit and an operating margin of 18 percent.
As a result of the acquisition, Agilent said that it will now add a fourth business reporting segment, the Diagnostics and Genomics Group. Its three other reporting segments are Life Sciences, Chemical Analysis, and Electronic Measurement.
The new segment consists of Dako, led by Dako CEO Lars Holmkvist, and the Genomics Solutions Division, led by Bob Schueren, VP and GM of Agilent's genomics group. The new segment will report directly to Agilent President and CEO Bill Sullivan.