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Agilent Technologies Adds Strength to Its Life
Science Business with Acquisition of Stratagene
SANTA CLARA, Calif., June 7, 2007 -- 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.
Press release URL:
http://www.agilent.com/about/newsroom/presrel/2007/07jun-gp07014.html
Additional metadata keywords (for Web use only): corporate, acquisition,
diagnostics, genomics, proteomics, reagents
Agilent Technologies Europe
Life Sciences and Chemical Analysis
Sales & Services GmbH & CoKG
Hewlett-Packard-Str. 8
D-76337 Waldbronn
Press Release chem@agilent.com
www.agilent.com
EDITORIAL CONTACTS: PRGP07014
Claudia Hachtel, Agilent Technologies
+49-7243-602 100
claudia_hachtel@agilent.com
Nicki Muir, Alto Marketing
+44-1489-55 76 72
nickim@alto-marketing.com
Neil Ravenhill, Alto Marketing
+44-1489-55 76 72
neilr@alto-marketing.com
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