PerkinElmer buys out British gene edit­ing play­er for $383M, boost­ing its di­ag­nos­tics and ge­nom­ic ca­pa­bilites

PerkinElmer, the Mass­a­chu­setts-based di­ag­nos­tics and life sci­ences com­pa­ny, has a new ac­qui­si­tion, and it comes with a near­ly $400 mil­lion price tag.

The com­pa­ny an­nounced Mon­day that it has pur­chased UK gene edit­ing biotech Hori­zon Dis­cov­ery Group for $383 mil­lion in cash. In to­tal, the deal is worth about $368 mil­lion and will close some­time with­in the first three months of next year.

Hori­zon’s price rep­re­sent­ed a near­ly 110% pre­mi­um on Fri­day’s clos­ing price, and the com­pa­ny’s shares soared Mon­day on the Lon­don Stock Ex­change to meet that lev­el. PerkinElmer’s $PKI rise was more mut­ed as com­pa­ny stock ticked up­ward about 2.5% in ear­ly Mon­day trad­ing.

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