SANTA CLARA, Calif.--(BUSINESS WIRE)--Agilent Technologies Inc. (NYSE: A) today announced that it has entered into a definitive agreement to acquire privately-held ProZyme, Inc., a leading provider of glycan analysis reagents, kits and standards. This acquisition will expand Agilent’s portfolio of biopharma consumables in the fast-growing glycan market.
“Agilent is focused on being a complete workflow solutions provider,” said Mark Doak, president of Agilent’s CrossLab Group. “We have a strong installed base of customers worldwide, and expanding our consumables portfolio is key to our strategy of providing a seamless customer experience and helping our customers reduce the cost and time required to bring new therapeutics to market.”
Founded in 1990, ProZyme is an industry leading developer and manufacturer of glycan reagents, kits and standards, which are required for efficient sample prep in the analysis of free glycans. Glycobiology, which is the study of the structure, function and biology of carbohydrates, also called glycans, is a fast-growing and important field of study in life sciences. Glycans play diverse roles in biotherapeutics, novel drug development, the study of bacterial physiology, and proteomics research.
“Glycan analysis is essential to the discovery, development, and quality control testing of the ever-growing pipeline of biotherapeutic drug products,” said Padraig McDonnell, vice president and general manager of Agilent’s Chemistries and Supplies Division. “ProZyme is a market leader and innovator in the glycan consumable space. This acquisition provides greater scale to our biopharma consumables business and enhances our value proposition by enabling complete glycan liquid chromatography and mass spectrometry workflow solutions.”
“ProZyme and Agilent make a perfect strategic fit,” said Sergey Vlasenko, president and CEO of ProZyme. “Our glycobiology and glycoanalysis expertise together with Agilent’s market-leading position in LC and LC/MS will allow us to provide our biopharma customers with complete solutions they need to accelerate their research.”
ProZyme is headquartered in Hayward, California, and employs 47 people.
The transaction is subject to closing conditions. Financial terms of the deal are not being disclosed.
About ProZyme, Inc.
ProZyme Inc. is a privately-owned company dedicated to advancing glycobiology research and improving biopharmaceutical analysis for optimal design and quality manufacturing of life saving therapies. The company supplies value-added kits, enzymes, standards and a complete CE system for biotherapeutic protein characterization and glycobiology research. ProZyme’s focus on R&D and innovation supports an agile product development program and a strong IP portfolio. Information about ProZyme is available at www.prozyme.com.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life sciences, diagnostics, and applied chemical markets. With more than 50 years of insight and innovation, Agilent instruments, software, services, solutions, and people provide trusted answers to its customers' most challenging questions. The company generated revenues of $4.47 billion in fiscal 2017 and employs 14,200 people worldwide. Information about Agilent is available at www.agilent.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, statements regarding the capabilities and expertise the acquisition brings, the ability to supply industry requirements and acceleration of growth. These forward-looking statements involve risks and uncertainties that could cause Agilent’s results to differ materially from management’s current expectations. Such risks and uncertainties include, but are not limited to, the ProZyme transaction not being timely completed, if completed at all, and the ability to integrate ProZyme’s operations with Agilent’s, retain key employees, meet customer expectations and realize efficiencies from the combined businesses. In addition, other risks that Agilent faces in running its operations include the ability to execute successfully through business cycles; the ability to meet and achieve the benefits of its cost-reduction goals and otherwise successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross-margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties and global economic conditions on our operations, our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability of our supply chain to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix; the ability of Agilent to successfully integrate recent acquisitions; the ability of Agilent to successfully comply with certain complex regulations; and other risks detailed in Agilent’s filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the quarter ended April 30, 2018. Forward-looking statements are based on the beliefs and assumptions of Agilent’s management and on currently available information. Agilent undertakes no responsibility to publicly update or revise any forward-looking statement.
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