PerkinElmer Reports Revenue Growth, Starts India Joint Venture
Acquisitions are in the cards for PerkinElmer in the next year as well, as the company looks for “product line or technology extensions,” PerkinElmer CEO Greg Summe said during the company’s quarterly earnings conference call last week. Summe also emphasized the company’s global focus: In this vein, the company this week launched PerkinElmer India, a joint venture with Labindia Instruments to directly market its life science and analytical instruments in India.
PerkinElmer reported a 10 percent increase in year-over-year revenues in the first quarter of 2004, with 7 percent growth in its Life and Analytical Sciences division.
The company took in $393.5 million in the quarter, compared with $358.4 million in the same period last year. Revenues in LAS were $249.2 million, compared with $232.2 million in the year-ago period. The LAS division represented 63 percent of PerkinElmer’s total revenues in Q1 2004.
During the conference call, Robert Friel, the company’s chief financial officer, attributed much of the LAS growth in the Biopharma subdivision to strength in high-throughput screening, liquid handling, and proteomics.
PerkinElmer reported a hefty increase in net income as well. Income climbed to $13.3 million, or $.10 per share, from $2.4 million, or $.02 per share in the year-ago period.
The company’s R&D spending increased to $241.5 million in Q1 2004, compared with $219.3 million in Q1 2003.
As of March 28, PerkinElmer had cash and cash equivalents of $165.5 million.
Bruker Looks to Raise $12.6M from Stock Offering
Bruker BioSciences said last week that it hopes to raise $12.6 million in net proceeds from a public offering of 3 million shares of its common stock.
The offering coincides with the sale of 12 million shares by four stockholders related to CEO Frank Laukien, which is expected to generate $50.5 million in net proceeds, The company announced the sale last month (see PM 3-26-04).
The stock will be priced at $4.50 per share.Bruker said it plans to use the proceeds for general corporate purposes, potential acquisitions, and possibly for the repayment of debt.
Zeptosens Sells Arrays to GSK
Zeptosens announced this week that it will supply GlaxoSmithKline with custom-made protein arrays.
Under the agreement, Zeptosens will provide GSK with protein microarrays designed using GSK’s analytes and binding reagents.
GSK already owns a Zeptosens protein array analysis system.
ISB Collaborates with PNNL to Form Systems Biology Program
The Institute for Systems Biology and the Pacific Northwest National Laboratory announced this week that they formed a joint program in systems biology.
According to the agreement, announced at ISB’s International Symposium on Systems Biology, the partnership “will focus on expanding and strengthening technical capabilities of each organization in systems biology and related areas.”
PNNL’s Steven Wiley emphasized that ISB’s strength in synthesizing and analyzing genes and protein complements would complement PNNL’s proteomics programs. PNNL currently runs an NIH-funded Proteomics Research Resource Center.
Inproteo Spin-outs Win Second and Third Places in Business Competition
Prosolia and Tienta Sciences, both Indianapolis, Ind.-based spin-outs of Inproteo, won second and third places, respectively, in the second annual Purdue University Life Sciences Business Plan Competition, Purdue said last week (see PM 4-23-04 for details on both companies).
Prosolia won a total of $48,000, and Tienta won a total of $21,000 in prizes. The first place winner, FFA Sciences of San Diego, won $60,000 in prizes.
Purely Proteins and Inhibix Launch Drug Discovery Services
Purely Proteins of Cambridge, UK and Inhibox of Oxford, UK announced last week that they have launched a commercial drug discovery service based on their combined technologies. The first service to launch is a drug screening program for families of human phosphatases, kinases, and proteases, the companies said.
Virtual drugs will be screened against targets using Inhibox’s computational technology, and Purely Proteins will synthesize and test the selected compounds. The datasets will be available for licensing.