赛默飞世尔以9.25亿收购移植诊断公司One Lambda
-- 同时获得5亿美元的普通股回购授权
中国上海，2012年7月20日 —— 7月16日，全球科学服务的领导者赛默飞世尔科技（以下简称：赛默飞）宣布，公司日前已签署最终协议，将以9.25亿美元现金（该价格可能在收购后进行调整）收购全球移植诊断领域先驱One Lambda公司。该交易预计将于2012年第四季度完成。交易完成后，赛默飞世尔2013年调整后每股收益预计将增加0.09-0.11美元。
One Lambda公司由移植学研究权威Paul Terasaki 博士于1984年创建，目前是移植诊断领域的领军企业。One Lambda的诊断测试被众多移植中心用于组织分类研究，主要为在移植手术前测试器官捐献者与接受者的匹配程度，并测试接受者体内是否存有可能导致排异反应的抗体。One Lambda约有员工320名，公司总部位于美国加利福尼亚州的Canoga Park，向全世界超过1400个实验室提供服务。2011年，该公司营业收入达1.82亿美元。完成收购后，One Lambda将并入赛默飞专业诊断业务。
“我们很高兴One Lambda加入到赛默飞专业诊断业务中。One Lambda是移植测试领域的研究先驱，其开发的测试在整个移植测试过程中有着广泛的运用，能够有效帮助病人提高移植手术效果。凭借其强大的技术平台、先进的产品和良好的发展前景，我相信该业务将与我们的专业体外诊断战略实现完美整合。”赛默飞全球总裁兼首席执行官Marc N. Casper表示，“收购One Lambda后，我们将涉足前景可观的移植诊断学市场，这将成为我们目前免疫抑制剂监控测试的重要补充。此外，我们也将凭借强大的全球商业网络，更好地满足全球日益增长的移植技术需求。”
对此，One Lambda公司共同创办人、总裁兼首席执行官George M. Ayoub说道：“我们十分高兴看到One Lambda成为赛默飞的一员。我相信，在双方的共同努力下，我们将在移植诊断市场中进一步普及人类白细胞抗原(HLA)分类及抗体测试的应用，同时推动市场增长，提高移植手术的成功率。更重要的是，我们将继续为肩负的使命而奋斗，努力提高移植病人及其家庭的生活质量。”
Casper补充道：“我们很期待One Lambda团队加入到赛默飞大家庭中。此外，我也很荣幸将与Terasaki博士和Terasaki基金会实验室合作，继续支持移植后排异预防项目的突破性研究。”
强强联手，优势互补
加强赛默飞在专业体外诊断领域的优势地位：随着移植手术和移植后病人监测需求的日益增加，带动全球移植诊断市场蓬勃发展，从而为一系列高利润的反应试剂产品提供了发展空间，主要包括两大类移植测试：HLA分类测试及抗体检测试验。
提高移植领域全面测试能力：One Lambda在移植前后HLA分类测试及抗体检测领域的尖端诊断测试产品将成为赛默飞现有免疫抑制剂监控测试的重要补充。目前，赛默飞的免疫抑制剂监控测试主要用于监控移植手术后药物治疗的效用，从而防止出现排异现象。
借助赛默飞的商业网络，推动新兴市场发展：赛默飞计划利用其在新兴市场强大的商业网络，为One Lambda现有产品系列开拓更广阔的市场。目前这些产品主要面向美国的医院和实验室。
创造丰厚的财务效益：交易完成后赛默飞每股收益将出现涨幅，估计2013年每股收益提升0.09-0.11美元。并购还将带来营收和成本方面的协同效应，预计2015年净利润增加约1500万美元。此外，完成收购后，公司税收效益也将得到提高。
关于One Lambda
One Lambda公司是全球领先的人类白细胞抗原(HLA)分类和抗体检测测试的供应商，以品质、服务和创新能力而闻名。该公司开发并销售一系列HLA分类和抗体检测测试，涉及血清学、分子、酶联免疫 (ELISA)、流式及Luminex xMAP等尖端技术。此外，One Lambda还生产相关实验室设备和计算机软件，用于测试流程及最终测试结果评估的简化及自动化。更多信息，敬请访问 www.onelambda.com
关于赛默飞世尔科技
赛默飞世尔科技（纽约证交所代码： TMO）是科学服务领域的世界领导者。我们的使命是帮助客户使世界更健康、更清洁、更安全。公司年销售额120亿美元，员工约39,000人。主要客户类型包括：医药和生物技术公司、医院和临床诊断实验室、大学、科研院所和政府机构，以及环境与过程控制行业。借助于Thermo Scientific、Fisher Scientific和Unity™ Lab Services三个首要品牌，我们将创新技术、便捷采购方案和实验室运营管理的整体解决方案相结合，为客户、股东和员工创造价值。我们的产品和服务帮助客户解决在分析领域所遇到的复杂问题与挑战，促进医疗诊断发展、提高实验室生产力。欲了解更多信息，请浏览公司网站：www.thermofisher.com
关于赛默飞中国
赛默飞世尔科技进入中国发展已有30年，在中国的总部设于上海，并在北京、广州、香港、成都、沈阳等地设立了分公司，目前已有超过1900名员工、6家生产工厂、5个应用开发中心、2个客户体验中心以及1个技术中心，成为中国分析科学领域最大的外资企业。赛默飞的产品主要包括分析仪器、实验室设备、试剂、耗材和软件等，提供实验室综合解决方案，为各行各业的客户服务。为了满足中国市场的需求，目前国内已有6家工厂运营，苏州在建的大规模工厂2012年也将投产。赛默飞在北京和上海共设立了5个应用开发中心，将世界级的前沿技术和产品带给国内客户，并提供应用开发与培训等多项服务；位于上海的中国技术中心结合国内市场的需求和国外先进技术，研发适合中国的技术和产品；遍布全国的维修服务网点和特别成立的维修服务中心，旨在提高售后服务的质量和效率。我们致力于帮助客户使世界更健康、更清洁、更安全。欲了解更多信息，请登录www.thermofisher.cn
Thermo Fisher to Acquire One Lambda
Within one year of the Phadia acquisition (for €2.47 billion), in August 2011, which strengthened the company’s Specialty Diagnostics business, Thermo Fisher Scientific (TMO - Analyst Report) yet again announced another strategic move to diversify its offerings. The company has decided to acquire California based One Lambda, the global leader in the filed of transplant diagnostics, for $925 million in cash.
The deal value is inclusive of the cost of a three-year benefit program undertaken by One Lambda for its key employees, amounts payable to some shareholders for noncompetetion agreements and other contingent payments.
One Lambda & Transplant Diagnostic
Founded in 1984, One Lambda’s diagnostic tests are used by transplant centers for tissue typing. This determines the compatibility of donors and recipients before the transplant is done in addition to identification of antibodies that can lead to transplant rejection.
As per the company, transplant diagnostics is an attractive market, valued at $480 million in 2011, and growing in the mid- to high-single digits. The potential for growth in this market is very high given the increasing global demand for transplant procedures, increasing utilization (tests per patient), and growing use of post-transplant antibody monitoring. New evidence shows improved graft survival on continued antibody monitoring.
One Lambda, with 320 employees, recorded $182 million in revenues in 2011. With a wide customer base (1,400), One Lambda derived 49% of its revenues from antibody detection, 44% from human leukocyte antigen ("HLA") typing and the rest from serology. Thermo Fisher expects to leverage its extensive network in the emerging markets to drive uptake of One Lambda’s portfolio of tests, which is currently marketed in the US (59%) and Europe (21%).
Deal Funding & Synergies
Thermo Fisher expects the transaction to close in the fourth quarter of the current fiscal. The deal is expected to be immediately accretive and add 9−11 cents per share to the company’s adjusted earnings in 2013. It would also generate greater tax efficiencies, and revenue and cost synergies leading to an adjusted operating income benefit of about $15 million in 2015.
For now, the transaction will be funded partly by the company’s existing cash balance and through new debt financing. Thermo Fisher exited the first quarter of 2012 with $788.3 million in cash and cash equivalents compared with $1,016.3 million at the end of fiscal 2011. The company’s outstanding debt at quarter end was $6.7 billion.
Moody’s Downgrades
Besides the acquisition, the company announced an additional $500 million of stock repurchase authorization, through December 2012. As of June 30, 2012, the company had $250 million remaining under its existing share repurchase authorization, which expires on November 9, 2012. Although the debt burden will increase with the proposed acquisition, we believe that the company will be able to deal with it given its steady top-line growth and strong cash flow.
Rating agency, Moody’s, has however downgraded the senior unsecured rating and all rated senior unsecured notes of Thermo Fisher Scientific by one-notch to Baa1 from A3 with a stable rating outlook. Moody's expects the company to incur an incremental $1.3 billion of debt to fund the acquisition and repurchase shares. The agency expressed its concern over the company’s strategy of funding acquisitions through financial leverage and rewarding shareholders through share buybacks and dividends.
Diagnostics Deals at Large
The year 2012 has witnessed several major deals in the diagnostics space. Agilent Technologies Inc. (A - Analyst Report) recently completed its acquisition of a Danish cancer diagnostics company, Dako, for $2.2 billion (on a debt-free basis). In addition, Hologic (HOLX - Analyst Report), a prominent player in the field of women’s health, is in the process of acquiring Gen-Probe (GPRO - Analyst Report). The deal is expected to close next month. This will entrench Hologic’s presence in the molecular diagnostics space.
We currently have a Neutral recommendation on Thermo Fisher. The stock retains a Zacks #3 Rank (Hold) in the short term.
原文链接：http://www.bioku.net/archives/3051
中国上海，2012年7月20日 —— 7月16日，全球科学服务的领导者赛默飞世尔科技（以下简称：赛默飞）宣布，公司日前已签署最终协议，将以9.25亿美元现金（该价格可能在收购后进行调整）收购全球移植诊断领域先驱One Lambda公司。该交易预计将于2012年第四季度完成。交易完成后，赛默飞世尔2013年调整后每股收益预计将增加0.09-0.11美元。
One Lambda公司由移植学研究权威Paul Terasaki 博士于1984年创建，目前是移植诊断领域的领军企业。One Lambda的诊断测试被众多移植中心用于组织分类研究，主要为在移植手术前测试器官捐献者与接受者的匹配程度，并测试接受者体内是否存有可能导致排异反应的抗体。One Lambda约有员工320名，公司总部位于美国加利福尼亚州的Canoga Park，向全世界超过1400个实验室提供服务。2011年，该公司营业收入达1.82亿美元。完成收购后，One Lambda将并入赛默飞专业诊断业务。
“我们很高兴One Lambda加入到赛默飞专业诊断业务中。One Lambda是移植测试领域的研究先驱，其开发的测试在整个移植测试过程中有着广泛的运用，能够有效帮助病人提高移植手术效果。凭借其强大的技术平台、先进的产品和良好的发展前景，我相信该业务将与我们的专业体外诊断战略实现完美整合。”赛默飞全球总裁兼首席执行官Marc N. Casper表示，“收购One Lambda后，我们将涉足前景可观的移植诊断学市场，这将成为我们目前免疫抑制剂监控测试的重要补充。此外，我们也将凭借强大的全球商业网络，更好地满足全球日益增长的移植技术需求。”
对此，One Lambda公司共同创办人、总裁兼首席执行官George M. Ayoub说道：“我们十分高兴看到One Lambda成为赛默飞的一员。我相信，在双方的共同努力下，我们将在移植诊断市场中进一步普及人类白细胞抗原(HLA)分类及抗体测试的应用，同时推动市场增长，提高移植手术的成功率。更重要的是，我们将继续为肩负的使命而奋斗，努力提高移植病人及其家庭的生活质量。”
Casper补充道：“我们很期待One Lambda团队加入到赛默飞大家庭中。此外，我也很荣幸将与Terasaki博士和Terasaki基金会实验室合作，继续支持移植后排异预防项目的突破性研究。”
强强联手，优势互补
加强赛默飞在专业体外诊断领域的优势地位：随着移植手术和移植后病人监测需求的日益增加，带动全球移植诊断市场蓬勃发展，从而为一系列高利润的反应试剂产品提供了发展空间，主要包括两大类移植测试：HLA分类测试及抗体检测试验。
提高移植领域全面测试能力：One Lambda在移植前后HLA分类测试及抗体检测领域的尖端诊断测试产品将成为赛默飞现有免疫抑制剂监控测试的重要补充。目前，赛默飞的免疫抑制剂监控测试主要用于监控移植手术后药物治疗的效用，从而防止出现排异现象。
借助赛默飞的商业网络，推动新兴市场发展：赛默飞计划利用其在新兴市场强大的商业网络，为One Lambda现有产品系列开拓更广阔的市场。目前这些产品主要面向美国的医院和实验室。
创造丰厚的财务效益：交易完成后赛默飞每股收益将出现涨幅，估计2013年每股收益提升0.09-0.11美元。并购还将带来营收和成本方面的协同效应，预计2015年净利润增加约1500万美元。此外，完成收购后，公司税收效益也将得到提高。
关于One Lambda
One Lambda公司是全球领先的人类白细胞抗原(HLA)分类和抗体检测测试的供应商，以品质、服务和创新能力而闻名。该公司开发并销售一系列HLA分类和抗体检测测试，涉及血清学、分子、酶联免疫 (ELISA)、流式及Luminex xMAP等尖端技术。此外，One Lambda还生产相关实验室设备和计算机软件，用于测试流程及最终测试结果评估的简化及自动化。更多信息，敬请访问 www.onelambda.com
关于赛默飞世尔科技
赛默飞世尔科技（纽约证交所代码： TMO）是科学服务领域的世界领导者。我们的使命是帮助客户使世界更健康、更清洁、更安全。公司年销售额120亿美元，员工约39,000人。主要客户类型包括：医药和生物技术公司、医院和临床诊断实验室、大学、科研院所和政府机构，以及环境与过程控制行业。借助于Thermo Scientific、Fisher Scientific和Unity™ Lab Services三个首要品牌，我们将创新技术、便捷采购方案和实验室运营管理的整体解决方案相结合，为客户、股东和员工创造价值。我们的产品和服务帮助客户解决在分析领域所遇到的复杂问题与挑战，促进医疗诊断发展、提高实验室生产力。欲了解更多信息，请浏览公司网站：www.thermofisher.com
关于赛默飞中国
赛默飞世尔科技进入中国发展已有30年，在中国的总部设于上海，并在北京、广州、香港、成都、沈阳等地设立了分公司，目前已有超过1900名员工、6家生产工厂、5个应用开发中心、2个客户体验中心以及1个技术中心，成为中国分析科学领域最大的外资企业。赛默飞的产品主要包括分析仪器、实验室设备、试剂、耗材和软件等，提供实验室综合解决方案，为各行各业的客户服务。为了满足中国市场的需求，目前国内已有6家工厂运营，苏州在建的大规模工厂2012年也将投产。赛默飞在北京和上海共设立了5个应用开发中心，将世界级的前沿技术和产品带给国内客户，并提供应用开发与培训等多项服务；位于上海的中国技术中心结合国内市场的需求和国外先进技术，研发适合中国的技术和产品；遍布全国的维修服务网点和特别成立的维修服务中心，旨在提高售后服务的质量和效率。我们致力于帮助客户使世界更健康、更清洁、更安全。欲了解更多信息，请登录www.thermofisher.cn
Thermo Fisher to Acquire One Lambda
Within one year of the Phadia acquisition (for €2.47 billion), in August 2011, which strengthened the company’s Specialty Diagnostics business, Thermo Fisher Scientific (TMO - Analyst Report) yet again announced another strategic move to diversify its offerings. The company has decided to acquire California based One Lambda, the global leader in the filed of transplant diagnostics, for $925 million in cash.
The deal value is inclusive of the cost of a three-year benefit program undertaken by One Lambda for its key employees, amounts payable to some shareholders for noncompetetion agreements and other contingent payments.
One Lambda & Transplant Diagnostic
Founded in 1984, One Lambda’s diagnostic tests are used by transplant centers for tissue typing. This determines the compatibility of donors and recipients before the transplant is done in addition to identification of antibodies that can lead to transplant rejection.
As per the company, transplant diagnostics is an attractive market, valued at $480 million in 2011, and growing in the mid- to high-single digits. The potential for growth in this market is very high given the increasing global demand for transplant procedures, increasing utilization (tests per patient), and growing use of post-transplant antibody monitoring. New evidence shows improved graft survival on continued antibody monitoring.
One Lambda, with 320 employees, recorded $182 million in revenues in 2011. With a wide customer base (1,400), One Lambda derived 49% of its revenues from antibody detection, 44% from human leukocyte antigen ("HLA") typing and the rest from serology. Thermo Fisher expects to leverage its extensive network in the emerging markets to drive uptake of One Lambda’s portfolio of tests, which is currently marketed in the US (59%) and Europe (21%).
Deal Funding & Synergies
Thermo Fisher expects the transaction to close in the fourth quarter of the current fiscal. The deal is expected to be immediately accretive and add 9−11 cents per share to the company’s adjusted earnings in 2013. It would also generate greater tax efficiencies, and revenue and cost synergies leading to an adjusted operating income benefit of about $15 million in 2015.
For now, the transaction will be funded partly by the company’s existing cash balance and through new debt financing. Thermo Fisher exited the first quarter of 2012 with $788.3 million in cash and cash equivalents compared with $1,016.3 million at the end of fiscal 2011. The company’s outstanding debt at quarter end was $6.7 billion.
Moody’s Downgrades
Besides the acquisition, the company announced an additional $500 million of stock repurchase authorization, through December 2012. As of June 30, 2012, the company had $250 million remaining under its existing share repurchase authorization, which expires on November 9, 2012. Although the debt burden will increase with the proposed acquisition, we believe that the company will be able to deal with it given its steady top-line growth and strong cash flow.
Rating agency, Moody’s, has however downgraded the senior unsecured rating and all rated senior unsecured notes of Thermo Fisher Scientific by one-notch to Baa1 from A3 with a stable rating outlook. Moody's expects the company to incur an incremental $1.3 billion of debt to fund the acquisition and repurchase shares. The agency expressed its concern over the company’s strategy of funding acquisitions through financial leverage and rewarding shareholders through share buybacks and dividends.
Diagnostics Deals at Large
The year 2012 has witnessed several major deals in the diagnostics space. Agilent Technologies Inc. (A - Analyst Report) recently completed its acquisition of a Danish cancer diagnostics company, Dako, for $2.2 billion (on a debt-free basis). In addition, Hologic (HOLX - Analyst Report), a prominent player in the field of women’s health, is in the process of acquiring Gen-Probe (GPRO - Analyst Report). The deal is expected to close next month. This will entrench Hologic’s presence in the molecular diagnostics space.
We currently have a Neutral recommendation on Thermo Fisher. The stock retains a Zacks #3 Rank (Hold) in the short term.
原文链接：http://www.bioku.net/archives/3051
