In a deal that accelerates its push into the clinical laboratory diagnostics sector, Siemens Medical Solutions parent Siemens AG has announced an agreement to acquire Dade Behring for approximately $7 billion in cash.
Deerfield, IL-based Dade Behring provides clinical laboratory equipment and integrated products for routine chemistry testing, immunodiagnostics, hemostasis testing, and microbiology, according to Siemens of Malvern, PA. It had sales of approximately $1.7 billion in fiscal 2006 and earnings before interest and taxes (EBIT) of $201 million.
The deal follows on the heels of last year's acquisitions of Diagnostic Products and Bayer Diagnostics, and continues Siemens' effort to become a full-service, single-source diagnostics provider, according to the firm.
Completion of the deal is expected in the second quarter of fiscal 2008, and is subject to regulatory approvals and other customary conditions. Siemens will pay Dade Behring shareholders $77 per common share. Siemens Medical Solutions expects the acquisition will be accretive to its profit margins from 2009 onwards.
By AuntMinnie.com staff writers
July 25, 2007
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