Agilent to acquire cancer diagnostics firm Dako for $2.2 billion

USA-based Agilent Technologies (NYSE: A) and EQT, a Swedish private equity group, have entered into an accord to acquire Denmark-based cancer diagnostic company Dako. The $2.2 billion all cash acquisition (on a debt-free basis) is the largest in Agilent’s history.

“In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,” said Bill Sullivan, Agilent president and chief executive, adding: “Dako is one of the world’s leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer. Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth.”

Lars Holmkvist, CEO of Dako, said: “Our combined companies will have complementary strengths. Like Agilent, Dako has a long history as a leader in scientific advancement and a culture that values discovery and innovation. We believe that Agilent and Dako are a winning combination.”