Skip to main content
Premium Trial:

Request an Annual Quote

PerkinElmer Acquires Australian Single-Cell Genomics Firm RHS

NEW YORK (GenomeWeb) – Australian single-cell genomics technology developer RHS announced yesterday that it has been acquired by PerkinElmer for approximately A$25.2 million (US$19.6 million).

The deal, which has been unanimously approved and recommended by the RHS board, requires PerkinElmer to pay A$.28 per share for RHS's 89.9 million outstanding shares. The price represents a 100 percent premium to the firm's Feb. 23 closing price on the Australian Securities Exchange (ASX), and a 101 percent premium to the volume-weighted average price of RHS shares traded on the ASX over the five RHS trading days prior to the announcement.

The companies are hoping to close the deal by June 11.

RHS said it has also entered into an interim funding agreement with The Very Company, a firm controlled by RHS Alternate Director Colin Matthews, in order to have access to funding and to obviate the need for RHS to raise further capital prior to the closing of the acquisition. The interim funding has an interest rate of 9 percent, with interest payable on repayment of the facility, and a limit of A$750,000.

"The offer from PerkinElmer reinforces the considerable expertise that the RHS team have integrated into each of our products. Bringing RHS and PerkinElmer together provides an opportunity for our products to reach the clinical and applied research markets through a large and highly experienced global team," RHS CEO Michelle Fraser said in a statement. "The achievement of a binding agreement from PerkinElmer follows a due diligence period, including an assessment of technical performance of our products and their commercial value. To reach the premium over our current share price is evidence of the value of RHS in the hugely competitive single-cell genomics market."

RHS's primary platform, DOPlify, performs whole-genome amplification of a small number of or single cells. Its next-generation sequencing workflow, PG-Seq, and its microarray workflow, EmbryoCellect, use DOPlify, and have been specifically designed to genetically screen IVF embryos, the company said.

PerkinElmer's shares fell about 1 percent to $76.99 in afternoon trading on the New York Stock Exchange. RHS's shares closed at A$.27 on the ASX.