PerkinElmer is acquiring Covaris, which manufactures applications and solutions for life science companies, as part of an effort to expand its life sciences portfolio.
The biotech announced Monday morning that the acquisition is intended to branch the company into the high-growth diagnostics end market. Financial terms of the deal, however, weren’t disclosed.
By bringing in Covaris — which is also majority-owned by private equity firm New Mountain Capital — into the mix will PerkinElmer is making a deliberate play to enable and accelerate the next generation of life sciences innovation, including through its Next-Generation Sequencing (NGS) offering, the company said in a statement.
“Covaris has a well-defined growth strategy with market-leading technologies and a very capable leadership team that will allow PerkinElmer to deepen its life sciences portfolio in the diagnostics end market,” said PerkinElmer CEO Dirk Bontridder in a statement. “We see significant growth opportunities resulting from the combined resources of both companies, with PerkinElmer’s global scale unlocking commercial opportunities for Covaris.”
Covaris brands itself as a developer and manufacturer of instruments, consumables and reagents that are used in pre-analytical sample preparation in life science research.
Its primary objective, the company said, is to help its life science customers achieve drug discoveries and assays, as well as improve bioanalytical results.
“We are excited to begin our chapter as part of PerkinElmer, an exceptional brand that resonates in our core markets, and will allow us to bring our technology to more customers and expand our growth globally,” Covaris CEO Annemarie Watson stated. “Our two cultures are very similar and both our customers as well as our employees will benefit from strong R&D resources and complementary solution capabilities.”
Andre Moura, managing director at New Mountain, added in a statement that Covaris’ position in the genomics, transcriptomics and proteomics spaces offer promising growth potential for PerkinElmer.
The Covaris move comes after PerkinElmer spun off its life sciences and diagnostics business earlier this year, selling it to New Mountain in March and subsequently rebranding it as Revvity in May.
At the time, PerkinElmer noted in a press release that the company would focus on “developing and delivering novel scientific breakthroughs that will have a profound impact on improving global health.”
As part of the rebranding push, Revvity’s scientific software platform, previously known as PerkinElmer Informatics, will be rebranded as Revvity Signals Software, Inc. while PerkinElmer Genomics will be replaced by Revvity Omics.
