Agilent to acquire cancer diagnostics firm Dako for $2.2 billion

USA-based Agilent Technologies (NYSE: A) and EQT, a Swedish private equity group, have entered into an accord to acquire Denmark-based cancer diagnostic company Dako. The $2.2 billion all cash acquisition (on a debt-free basis) is the largest in Agilent’s history.

“In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,” said Bill Sullivan, Agilent president and chief executive, adding: “Dako is one of the world’s leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer. Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth.”