PerkinElmer (NYSE: PKI), an American science and healthcare firm, on Thursday, announced a $591 million deal to buy Oxford Immunotec Global (NASDAQ: OXFD), a global diagnostic company.
The purchase will see PerkinElmer grow its portfolio of advanced infectious disease testing solutions to include tuberculosis detection.
It will allow PerkinElmer to combine its channel expertise, workflow and testing capabilities with Oxford’s proficiencies in T Cell immunology with its proprietary test kits for latent tuberculosis.
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“We believe Oxford Immunotec’s diagnostic testing solution plays an important role in slowing the spread and saving lives,” said Prahlad Singh, President and CEO of PerkinElmer.
“Oxford Immunotec’s highly sensitive test and their team’s passion for solving complex health issues make it a natural fit with PerkinElmer’s mission and together, we believe will accelerate development of robust solutions to help detect infectious disease,” added Singh.
UK-based Oxford Immunotec is a global leader in proprietary test kits for latent tuberculosis and reported total revenue from continuing operations of $73.7 million and $39.2 million as of the fiscal year ended December 31, 2019, and the nine months ended September 30, 2020, respectively.
The deal will see Oxford shareholders receive $22 in cash for each outstanding ordinary share they own representing a premium of approximately 28.3% to the closing price per share of $17.15 on January 5, 2021.
Oxford Immunotec shares are trading 27.66% higher following the news at $21.97. PerkinElmer shares are unmoved premarket.