Oxford Immunotec to be acquired for $591M by Waltham company
Photo | Grant Welker
Oxford Immunotec's Marlborough offices
Diagnostic company Oxford Immunotec, which has U.S. headquarters in Marlborough, will be acquired by Waltham-based PerkinElmer for $591 million, the companies announced Thursday morning.
The sum will be paid to Oxford Immunotec shareholders, who will each receive $22 for each outstanding ordinary share of stock. This value is a premium of approximately 28.3% to the closing price per share of $17.15 on Tuesday.
Oxford Immunotec’s stock immediately leapt up to just under $22 when trading opened this morning following the 7 a.m. announcement.
The acquisition will allow PerkinElmer to grow its portfolio of advanced infectious disease testing solutions to include tuberculosis detection, according to the joint release, with Oxford Immunotec a producer of proprietary test kits for latent tuberculosis, including its T-SPOT test.
According to The Worcester Business Journal records from December 2019, Oxford Immunotec has 53 employees in Massachusetts. The company had approximately 275 global employees as of Sept. 30, according to the joint release, and reported total revenue from continuing operations of $73.7 million as of the fiscal year ended Dec. 31, 2019.
No information was given in the release regarding employee retention.
The announcement comes after a rough 2020 for Oxford Immunotec. In November, the company reported a $149,000 loss in net income in the company’s third quarter. This was in stark contrast to the same quarter of 2019, when the company reported $717,000 in profit, marking a 792% decrease year to year.
WBJ Web Partners
Most Recent
Most Recent
0 Comments