WALTHAM, MA - PerkinElmer, Inc. (NYSE: PKI), a global leader focused on the health and safety of people and the environment, today announced that it has entered into a definitive agreement to acquire Signature Genomic Laboratories, LLC (Signature), a diagnostic genetic testing company based in Spokane, Washington.
The acquisition is expected to enable PerkinElmer to strengthen its existing genetic testing service business, expand its position in early detection of disease, specifically in the molecular diagnostics market, and provide the company with additional strengths in cancer diagnostics.
"We are delighted to have Signature become part of the PerkinElmer team. Signature brings very strong complementary assets for diagnosing disorders that are often undetected by traditional genetic tests," said Robert Friel, chairman and chief executive officer of PerkinElmer.
He added, "Patients, families, researchers and clinicians will benefit from our combined expertise, as accurate diagnosis is crucial to providing answers that lead to better care, treatment and understanding of patients with birth defects, behavioral issues, delay in development or learning problems."
Founded in 2003 by Lisa G. Shaffer, PhD and Bassem A. Bejjani, MD, Signature performs diagnostic cytogenetic testing of chromosome abnormalities in individuals with unexplained physical and developmental disabilities. Signature's microarray diagnostic technology is available for both pre-natal and post-natal identification of DNA alterations associated with genetic disease. More recently, Signature launched a suite of services for the diagnosis of patients with leukemia.
The transaction is expected to close sometime in May 2010 and is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
"As a global leader in genetic screening technologies and services, PerkinElmer clearly has the resources and worldwide presence to enable our combined testing services to reach more patients and families," said Dr. Shaffer, president and CEO, Signature. "We believe that this move will not only benefit patient populations around the world, but help us continue our success in genetic diagnostic innovation."
Signature has approximately 120 employees and was the first laboratory to provide microarray-based diagnostic testing of individuals with developmental disabilities with its proprietary SignatureChip® microarray.
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About Signature Genomic Laboratories, LLC
Signature Genomic Laboratories, located in Spokane, WA and founded in 2003, was the first laboratory to provide microarray-based cytogenetic diagnostics with its proprietary SignatureChip® and is the leader in providing microarray-based chromosome analysis. Signature's microarrays are offered for both pre-natal and post-natal identification of DNA alterations associated with genetic disease. Signature's global client base includes clinical geneticists, neurologists, pediatricians, neonatologists, obstetricians, and the research community. Significant equity holders of Signature's ultimate parent entity include Sacred Heart Medical Center, Ampersand Ventures, and jVen Capital. Signature is CAP accredited, CLIA certified, and certified to ISO 9001:2008 requirements. Signature has clinical licenses from New York, California, Rhode Island and Florida. Additional information about Signature Genomic Laboratories is available at www.signaturegenomics.com.
About PerkinElmer, Inc.
PerkinElmer, Inc. is a global leader focused on improving the health and safety of people and the environment. The company reported revenue of approximately $1.8 billion in 2009, has about 8,500 employees serving customers in more than 150 countries, and is a component of the S&P 500 Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com
David C. Francisco
Stephanie R. Wasco