* To pay $10.50 per share for Caliper Life Sciences
* To cut PerkinElmer 2012 net EPS by 5 cents per share
* Could add as much as 20 cents per share to 2013 earnings
* Deal, approved by both boards, seen closing in 4th qtr
* Caliper shares jump 41 percent, PerkinElmer down 2.9 pct
(Updates share prices, adds Caliper revenue)
By Bill Berkrot
NEW YORK, Sept 8 PerkinElmer Inc (PKI.N) agreed
to buy Caliper Life Sciences Inc CALP.O for $600 million to
broaden its product offerings in molecular imaging and genomic
The deal marks the biggest acquisition for PerkinElmer
under Robert Friel, who became its chief executive in 2008.
PerkinElmer, which sells scientific instruments,
environmental safety monitoring products and medical testing
equipment, said on Thursday it would pay $10.50 per share for
Caliper, which represents a 42 percent premium over its
Wednesday closing share price of $7.39 on Wednesday.
Caliper shares jumped 41 percent to $10.39 on Nasdaq, while
PerkinElmer shares were down nearly 3 percent at $21.40 on the
New York Stock Exchange..
"The most attractive part of Caliper is the terrific
technology and intellectual property that they bring," Friel
said in a telephone interview.
The acquisition "allows us to take their products through
our distribution to markets outside the U.S. and Europe," said
Friel, who has his sights on Asia and other emerging markets
for Caliper offerings.
The deal, which has been approved by both boards and is
expected to close in the fourth quarter, will cut about 5 cents
per share from PerkinElmer's 2012 net earnings, the company
said. It could add about 8 cents per share to adjusted 2012
earnings, excluding special items.
The acquisition could add as much as 20 cents a share to
PerkinElmer earnings in 2013, Friel said.
Caliper had 2010 sales of about $124 million and forecast
2011 revenue would increase between 12 percent and 20 percent.
Caliper products include DNA sequencing equipment, reagents
and microfluids used for gene and protein detection,
preclinical imaging instruments and automated laboratory
"It is highly complementary to the logistics of their
current portfolio," said Mizuho Securities analyst Peter
Lawson. "It fits in very neatly with lots of recent
acquisitions that PerkinElmer made."
Cash on hand will be used to pay for about a third of the
deal, with the rest to be financed through a public bond
offering, Friel said.
Kevin Hrusovsky, chief executive of Hopkinton,
Massachusetts-based Caliper, is expected to join PerkinElmer's
senior management team following the close of the deal.
PerkinElmer, which is based outside Boston, has been
acquisitive in recent years, typically making several deals a
year in the $50 million to $100 million range.
In its more recent acquisition, PerkinElmer in June bought
London-based Dexela Ltd, a maker of X-ray detection
technologies, for about $30 million.
Published reports in February had PerkinElmer close to
acquiring Beckman Coulter in what would have been by far its
biggest deal, but PerkinElmer never confirmed that it was in
the bidding for the medical diagnostics company. Danaher Corp
(DHR.N) bought Beckman for $5.8 billion -- nearly three times
PerkinElmer's annual revenue.
PerkinElmer shares are off more than 14 percent year to
date, with most of the decline coming over the past two
(Reporting by Bill Berkrot and Anand Basu; Editing by Derek
Caney, Maureen Bavdek, Dave Zimmerman)