PerkinElmer sweeps up Oxford Immunotec

Oxford Immunotec, a US-listed immunology diagnostics assay producer spun out of University of Oxford, has agreed to be acquired by life sciences, environmental and industrial technology and services provider Perkin Elmer.
Perkin Elmer will pay $22 for each outstanding Oxford Immunotec share, a premium of around 28.3% on its closing price on January 5, valuing the spinout’s total issued and pending equity at $591m.
Founded in 2001, Oxford Immunotec provides research assay kits that measure the immune system’s response to infectious diseases such as tuberculosis and covid-19.
The acquisition aims to boost PerkinElmer’s infection disease testing portfolio, particularly with regards to tuberculosis, and the firm has forecasted a modest rise for its earnings within a year of the deal closing.
Oxford Immunotec listed in 2002 through a $64m initial public offering on the Nasdaq stock exchange, but it has continued to leverage private equity funding.
Imperial Innovations, then the tech transfer company of Imperial College London since absorbed by IP Group, co-led its $28m round in 2012 with Invesco Perpetual, bringing the total equity funding at the time to $110m.
University of Oxford and materials company Dow Chemical also took part, as did New Leaf, DFJ Esprit, Wellington, Spark Ventures and NTEC.