In this Feb. 11, 2021, file photo is the exterior of the PerkinElmer lab in Valencia, Calif. PerkinElmer will spend about $5.25 billion to acquire BioLegend, which makes antibodies used in gene therapy and reagents for drug discovery. The Waltham, Mass., company said Monday, July 26 that it will pay cash and stock for the privately held BioLegend in a deal expected to close by the end of the year. (AP Photo/Marcio Jose Sanchez, File)
PerkinElmer will spend about $5.25 billion to acquire BioLegend, which makes antibodies used in gene therapy and reagents for drug discovery.
The Waltham, Massachusetts, company said Monday that it will pay a combination of cash and stock for the privately held BioLegend in a deal expected to close by the end of the year.
PerkinElmer, which sells testing equipment and scientific instruments, called the acquisition the largest in company history. It estimates that BioLegend will generate $380 million in revenue next year.
BioLegend, headquartered in San Diego, has more than 700 employees based mostly in the United States. Its reagents are used in disease diagnostics as well as drug discovery, a PerkinElmer spokeswoman said.
BioLegend’s products are used in research areas like immunology, oncology and neuroscience. The company's antibodies and reagents are being used to help identify people infected with COVID-19 and to monitor patient immune responses to new treatments and vaccines.
PerkinElmer expects the company to add about 30 cents per share in adjusted earnings in the first full year after the deal closes and then 50 cents per share in the second year.
Shares of PerkinElmer Inc., which also reported better-than-expected, second-quarter earnings Monday, climbed more than 2% to $168.07 in late morning trading while broader indexes were flat.7 Sports Betting Stocks That Will Shine Beyond March Madness
One of the many consequences of the novel coronavirus was the shutdown of live sports. For sports-minded individuals, one of the events that were missed the most was the NCAA Basketball Tournament affectionately known as March Madness.
But in addition to missing the entertainment that sports provide, cities and states realized, if they didn’t already, that sports are an economic necessity.
Live sports may also be a key to their post-pandemic future. But this goes beyond hotels and restaurants.
Sports betting has become big business. Currently, 25 states and the District of Columbia have legalized sports betting either by statute or by ballot initiative. That list is likely to grow. Many states face budget deficits and want to legalize sports betting for the revenue that it could receive.
And this is about more than allowing gamblers to place bets via a sportsbook in a casino. The real driver for this is mobile sports betting. According to the American Gaming Association, over 47 million people are expected to place bets during the NCAA basketball tournament, with approximately one-third of those bets (17.8 million) being placed online.
To help you take advantage of this still-emerging trend, we’ve put together this special presentation. Here we’ll highlight seven sports betting stocks that should generate significant revenue during March Madness and beyond.
View the "7 Sports Betting Stocks That Will Shine Beyond March Madness"