Acquisition Complements Agilent's Market-Leading Separations and Mass Spectrometry Solutions, Expands Pharma Offerings
SANTA CLARA, Calif., and BILLERICA, Mass., Sept. 9, 2015 Agilent Technologies Inc. (NYSE: A) and Seahorse Bioscience today announced they have signed a definitive agreement under which Agilent will acquire Seahorse Bioscience, a leader in providing instruments and assay kits for measuring cell metabolism and bioenergetics.
Exploration into cell metabolism is rapidly accelerating as the links between mitochondrial function and disease are increasingly revealed. Seahorse Bioscience's leading technology enables researchers to better understand cell health, function and signaling, and how the cell may be impacted by the introduction of a specific drug, by providing real-time kinetics to unlock essential cellular bioenergetics data.
Scientists use Seahorse Bioscience's proprietary XF Technology to research the role of cell metabolism in neurodegeneration, aging, cancer, cardiovascular disease, cell physiology, toxicology and hepatobiology, immunology, infectious diseases, mitochondrial diseases, model organisms, obesity, diabetes, metabolic disorders, screening and translational medicine.
"Seahorse Bioscience's unique technology is the perfect complement to Agilent's market-leading separations and mass spectrometry solutions, in particular for metabolomics research and disease research in pharma," said Patrick Kaltenbach, president of Agilent's Life Sciences and Applied Markets Group. "The combination of these two platforms gives scientists a more comprehensive and faster path to researching the most challenging diseases affecting mankind. Seahorse's team and technology are an ideal fit for Agilent and for our customers, and we look forward to bringing them on board."
"We are proud to have enabled the exploration of bioenergetics in living cells by nearly 10,000 scientists worldwide, and to have created a new category of cell-based assay tools," said Jay Teich, chief executive officer, Seahorse Bioscience. "Joining Agilent, a premier, customer-focused supplier of technology to a much broader market, will give many more researchers access to Seahorse tools. And when these two technology-rich companies combine, we expect to offer a series of new products and applications that will benefit our customers."
Privately held Seahorse Bioscience, founded in 2001, is headquartered in Billerica, Massachusetts, with manufacturing operations in Chicopee, Massachusetts. Regional offices are in Copenhagen, Denmark, and Shanghai, China. Seahorse Bioscience employs just under 200 people, most of whom are expected to join Agilent.
Agilent is acquiring Seahorse Bioscience for $235 million in cash. Seahorse's FY15 revenue is estimated to be $49 million. The transaction is expected to be accretive in FY16 to Agilent and will be debt financed.
The acquisition is expected to be completed by Nov. 1, subject to local laws and regulations and customary closing conditions.
About Seahorse Bioscience
Seahorse Bioscience's XF metabolic analyzers and stress test kits are the industry standard in cell metabolism measurements. Scientists worldwide are using Seahorse XF Technology to advance their research in understanding the role of cell metabolism in neurodegeneration, aging, cancer, cardiovascular, cell physiology, toxicology and hepatobiology, immunology, infectious diseases, mitochondrial diseases, model organisms, obesity, diabetes, metabolic disorders, screening and translational medicine. Founded in 2001, Seahorse is headquartered in Billerica, Massachusetts, U.S., and has regional offices in Copenhagen, Denmark, and Shanghai, China. For more information, visit www.seahorsebioscience.com.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A), a global leader in life sciences, diagnostics and applied chemical markets, is the premier laboratory partner for a better world. Agilent works with customers in more than 100 countries, providing instruments, software, services and consumables for the entire laboratory workflow. The company generated revenues of $4.0 billion in fiscal 2014 and employs about 12,000 people worldwide. Agilent marks its 50th anniversary in analytical instrumentation this year. Information about Agilent is available at www.agilent.com.
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, information regarding estimates and projects of financial results; planned new products; the anticipated closing date of the acquisition; and the expected benefits of the acquisition on Agilent's business and operations. These forward-looking statements involve risks and uncertainties that could cause Agilent's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to, unforeseen changes in the strength of our customers' businesses; unforeseen changes in the demand for current and new products, technologies, and services; unforeseen changes in the currency markets; customer purchasing decisions and timing; receipt of regulatory approvals and satisfaction of closing conditions; and the risk that we are not able to realize the expected benefits from acquisition activities. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on our operations, our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability of our supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent's filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the quarter ended July 31, 2015. Forward-looking statements are based on the beliefs and assumptions of Agilent's management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.