By Colin Kellaher
Danaher Corp. on Thursday said it agreed to pay about $9.6 billion in cash to buy Aldevron LLC, a contract development and manufacturing organization that specializes in making biologics for the pharmaceutical and biotechnology industry.
The Washington science and technology conglomerate said it plans to fund the deal with cash on hand and/or the issuance of commercial paper.
Stockholm-based EQT AB in 2019 acquired a majority stake in Aldevron from fellow private-equity firm TA Associates, which retained a minority interest.
Danaher said Aldevron, based in Fargo, N.D., employs about 600 people and makes plasmid DNA, mRNA and proteins. The company has recently been working with Moderna Inc. to support that company's Covid-19 vaccine and other programs in its clinical pipeline.
Aldevron, which serves biotechnology and pharmaceutical customers across research, clinical and commercial applications, will operate as a standalone company and brand within Danaher's life-sciences segment.
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(END) Dow Jones Newswires