San Diego Business Journal PerkinElmer, Inc. (NYSE: PKI) entered into an agreement to acquire San Diego-based BioLegend, a leading, global provider of life science antibodies and reagents, for approximately $5.25 billion. The acquisition deal will be a combination of cash and stock, subject to certain adjustments according to the July 26 announcement. 

The transaction is expected to close by the end of the 2021 calendar year and it will be the largest in PerkinElmer’s history. With headquarters in Waltham, Mass. PerkinElmer is a global life science company that delivers unique solutions to serve the diagnostics, life science, food and applied markets.

“We are thrilled to have the opportunity to bring our technologies and innovative cultures together to create seamless solutions to push science and discovery forward,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “We believe joining our teams presents an incredible opportunity to accelerate discoveries that help life science researchers leverage ever-developing technologies and novel approaches to better understand and fight disease.”

Founded in 2002, BioLegend has more than 700 employees based primarily in the U.S., with estimated 2022 revenues of $380 million, according to the press release.  

The Sorrento Valley biotech will expand PerkinElmer’s existing life science franchise into new segments, and its state-of-the-art campus in San Diego will become PerkinElmer’s global Center of Excellence (CoE) for research reagent content development for the combined company.

“We are very excited to join the PerkinElmer family,” said Gene Lay, founder, president and chief executive officer of BioLegend. “The combination will afford us the opportunity to continue to build on our two-decade foundation of innovative science and scale in new and highly attractive PerkinElmer areas such as clinical diagnostics and food safety testing. The BioLegend team is eager to enter this new chapter with PerkinElmer, furthering our mission of enabling legendary discovery from research to cure.”

On July 26, PerkinElmer also released its 2021 Q2 earnings and reported a profit of $245.9 million and revenue of $1.23 billion.