NEW YORK, Nov. 12 – The Federal Trade Commission has approved PerkinElmer's proposed acquisition of Packard BioScience and the deal is now set to close on November 13, PerkinElmer said Monday.
"We will now move quickly to integrate these highly complementary businesses into the world's premier provider of drug discovery solutions," Grergory Summe, CEO of PerkinElmer, said in a statement.
Summe said that Packard BioScience’s automated liquid handling, sample preparation tools, and advanced biochip technologies would add to PerkinElmer’s arsenal of genomics and proteomics technologies.
"Packard BioScience's core capabilities in this area, its complementary range of products, its impressive new product development pipeline, and its well-respected team of field sales and service experts will enable us to provide more powerful solutions to our expanding base of life sciences customers," Summe said.
In July PerkinElmer announced that it had agreed to acquire Packard BioScience in a stock deal valued at about $650 million.
Summe told an investor meeting last month that the acquisition of Meriden, Conn.-based Packard BioScience should help PerkinElmer increase to $2.5 billion its total revenues in 2004, and push its earnings-per-share rate to roughly 19 percent in the same year.
Packard BioScience has approximately 1,000 employees and sales in 60 countries in North America, Europe and Asia. The company expects revenues of approximately $200 million in 2001.
Boston-based PerkinElmer is currently the third-largest life sciences company in the US.