Fisher Scientific International Inc. announced that it has entered into definitive agreements to acquire privately held Oxoid Group Holdings Ltd for $330 million and privately held Dharmacon, Inc. for $80 million in cash.
The acquisitions of Oxoid and Dharmacon strengthen Fisher's position in the rapidly growing life-science market and further expand the company's biochemicals business, which includes Perbio Science. Fisher expects that the acquisitions will enhance its proprietary-product portfolio, increase its margins and be accretive to earnings.
Oxoid, with revenues of $155 million, is one of the world's leading manufacturers of microbiological culture media and other products that test for bacterial contamination. Oxoid's products are used in microbiology research laboratories and also in biopharmaceutical production and process validation. The market in which Oxoid participates is estimated to be growing at 5 to 10 per cent annually.
With revenues of $17 million, Dharmacon is the global leader in RNA technology, including RNA interference (RNAi) and small interfering RNA (siRNA). RNAi is a powerful tool for life-science research that increases the efficiency of the drug-discovery process. RNAi and the design and production of siRNA are among the most active areas of biological research.
"When we acquired Perbio Science last year, we articulated our intention to expand our presence in the life-science market," said Paul Montrone, CEO of Fisher Scientific. "With Oxoid and Dharmacon, we now have a $700 million life-science footprint and are uniquely positioned to offer our customers products and services across the entire life-science spectrum -- including tools used by researchers studying DNA, RNA and proteins. The acquisitions enable us to build on existing capabilities within our cell-culture and bioresearch businesses. With Fisher's powerful channel position, we believe that Oxoid and Dharmacon can capture untapped growth opportunities."