Agilent, Dako deal

Agilent Technologies will acquire cancer diagnostic and tools company Dako for $2.2 billion in cash. Agilent said the acquisition will increase its presence in the life sciences and diagnostic markets, and complement its molecular analysis portfolio of fluorescence in situ hybridization (FISH) assays. Agilent added that because more than 90% of Dako's business is reagents and services, the deal will reduce volatility and grow Agilent's recurring revenues to 30% from 25% of total revenue. Agilent had net revenues of $6.6 billion in 2011. Dako is expected to generate $373 million in revenue in FY13 ending Oct. 31, 2013, with $68 million in operating profit. The deal is expected to close within 60 days. Credit Suisse advised Agilent. ...