Stratagene (NASDAQ:STGN)
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Agilent Technologies Inc. (NYSE: A) today announced it has completed the
acquisition of Stratagene Corp. (NASDAQ: STGN), a leading developer,
manufacturer and marketer of specialized life science research and
diagnostic products. Agilent expects this strategic acquisition to
accelerate its growth in life sciences through a complementary product
portfolio and strong market reach into academia and government.
Agilent announced the definitive agreement to acquire Stratagene on
April 6, 2007. The company paid approximately $250 million for
Stratagene, or $10.94 per share of common stock. Completion of this
acquisition will have no impact on Agilent’s
earnings-per-share guidance. Agilent’s revenue
guidance for the third quarter is now $1.38 billion to $1.42 billion.
Stratagene is a worldwide leader in developing innovative products and
technologies for the growing life science research market. Agilent
believes the total addressable life science market to be $14 billion,
with an estimated compounded annual growth rate of 7 to 9 percent over
the next three years.
“We are excited about the opportunities ahead,”
said Nick Roelofs, vice president and general manager of Agilent’s
Life Sciences Solutions Unit. “With our
combined product portfolios, technology, R&D expertise and employees, we
will serve a wider customer base with more comprehensive workflow
solutions. This acquisition is truly an example of one-plus-one is
greater than two because of the workflow leverage we anticipate from
combining our two companies.”
Stratagene supports advances in life sciences by inventing,
manufacturing and marketing products that simplify, accelerate and
improve research. Since 1984, the company’s
products have been used throughout the academic, industry and government
research sectors in fields spanning molecular biology, genomics,
proteomics, drug discovery and toxicology. Stratagene employs more than
450 people worldwide, who have now joined Agilent.
The Stratagene acquisition is expected to strengthen Agilent’s
life science offerings in genomics and proteomics, particularly in
academia and government where Stratagene products and market leadership
are well recognized. Meanwhile, Agilent’s
sales channel strength in the pharmaceutical market provides additional
opportunities for expanding the reach of Stratagene’s
portfolio of reagents and instruments.
Stratagene is the largest acquisition that Agilent has made in several
years, underscoring the company’s commitment
to life sciences. Stratagene’s extensive
portfolio of PCR enzymes and instrument capabilities, including
quantitative PCR, coupled with Agilent’s
range of product platforms, software and data management capabilities,
provides full workflow solutions to both academic and pharmaceutical
customers.
Stratagene’s product portfolio includes
reagents for life science research and instruments. The company also
offers a range of diagnostics products, including applications for
allergy testing and urinalysis.
Stratagene’s life science reagent and
instrument manufacturing facility in Cedar Creek, Texas, as well as its
diagnostics facilities in Garden Grove, Calif., and Edinburgh, Scotland,
are all registered to the ISO 13485 standard. The diagnostics facilities
are also licensed medical device manufacturers, compliant with the U.S.
Food and Drug Administration’s Quality System
Regulation (QSR).
Other major Stratagene locations are La Jolla, Calif.; Tokyo, Japan; and
Amsterdam, the Netherlands.
Agilent and Stratagene also have announced the sale of certain
Stratagene assets to a new company, Decisive Diagnostics (a subsidiary
of Catalyst Assets LLC), an entity formed by Dr. Joseph A. Sorge, former
chairman, CEO and founder of Stratagene. Decisive Diagnostics is an
entity formed to pursue molecular diagnostic applications. Decisive
Diagnostics will acquire for $6.6 million certain assets of Stratagene
from Agilent and license from Agilent certain of Stratagene’s
molecular diagnostic technologies.
More information about Stratagene is available at www.stratagene.com.
Agilent in Life Sciences
Agilent is the global leader in gas chromatography and gas
chromatography/mass spectrometry, and liquid chromatography and liquid
chromatography/mass spectrometry used to analyze the composition of air,
water, food, drugs, industrial process streams and forensic evidence.
The company is also a leading developer of hardware and software tools
for life science analysis including genomics, proteomics and
metabolomics. The company pioneered ink-jet in situ synthesis of
nucleic acid microarray probes and microfluidic lab-on-a-chip
Bioanalyzer and nano LC/MS applications that accelerate customer
workflows.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is the world’s
premier measurement company and a technology leader in communications,
electronics, life sciences and chemical analysis. The company’s
19,000 employees serve customers in more than 110 countries. Agilent had
net revenue of $5.0 billion in fiscal year 2006. Information about
Agilent is available on the Web at www.agilent.com.
Forward-Looking Statements
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 Stratagene’s
technological expertise and its enhancement of our combined product
portfolio, the contribution Stratagene would make to Agilent’s
ability to address customer demands, the ability of Agilent to provide
improved products, services and support to its customers, Agilent’s
future revenues and earnings and guidance for Agilent for the third
quarter of 2007. 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, risks associated with the integration of Stratagene, risks
associated with changes in demand for Agilent’s
and Stratagene’s products, and risks
associated with the development generally of Agilent’s
overall strategic objectives.
In addition, other risks that Agilent faces in running its operations
include the ability to execute successfully through business cycles;
ongoing competitive, pricing and gross margin pressures; the impact of
geopolitical uncertainties on our markets and our ability to conduct
business; the ability to improve asset performance to adapt to changes
in demand; the ability to successfully introduce new products at the
right time, price and mix and other risks detailed in Agilent’s
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the period ended October 31, 2006, and
its Quarterly Report on Form 10-Q for the period ended April 30, 2007.
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.
NOTE TO EDITORS: Further technology, corporate citizenship and executive
news is available on the Agilent news site at www.agilent.com/go/news.