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Agilent Offering Senior Notes, Restates Earnings to Reflect Dako Purchase

NEW YORK (GenomeWeb News) – Agilent Technologies today announced the offering of a series of senior notes.

The company also restated its earnings for fiscal 2011, ended Oct. 31, 2011, in order to reflect the recent $2.2 billion purchase of Dako.

The Santa Clara, Calif.-based firm has not priced the offering, but said net proceeds will go toward general corporate purposes, including the repayment of its 4.45 percent senior notes due Sept. 14, 2012. As of Aug. 31, $250 million in principal amount was due on those notes, Agilent said in a document filed with the US Securities and Exchange Commission.

An Agilent spokesperson told GenomeWeb Daily News that pricing for the offering will be announced after the close of the market on Monday.

Barclays Capital, JP Morgan Securities, and Merrill Lynch, Pierce, Fenner & Smith are joint book-running managers on the offering.

Separately, Agilent restated its earnings for fiscal 2011, accounting for Dako's contribution as if it were part of the company. After completing the acquisition in June, Agilent formed a fourth segment, Diagnostics and Genomics, comprised of Dako and some life sciences business that were already part of Agilent.

In its restated earnings, the company said that Diagnostics and Genomics had revenues of $300 million in fiscal years 2011 and 2010, and $200 million in fiscal 2009. The segment employed 400 people as of Oct. 31, 2011.

Agilent restated Life Sciences revenues to $1.5 billion in 2011, $1.2 billion in 2010, and $1.0 billion in 2009, and restated Chemical Analysis revenues to $1.5 billion in 2011, $1.2 billion in 2010, and $800 million in 2009.

Electronic Measurement, the biggest of Agilent's four segments by sales, was restated to show $3.3 billion in revenues for 2011, $2.8 billion in 2010, and $2.4 billion in 2009.

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