Wyatt Technology will be Purchased by Waters Corp for $1.36 Billion

Wyatt Technology Corp., a privately held company in Santa Barbara, California, will be acquired by Waters Corp. for $1.36 billion in cash, company announced on Wednesday.

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The manufacturer of analytical laboratory equipment and software stated that it wants to enter the market for bioanalytical assessment of novel therapeutic modalities, such as cell and gene therapies.

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Currently, more than 80% of Wyatt's revenue comes from big molecules. According to Waters, the expanded company will be able to enhance its exposure to new applications within the $1.8 billion total addressable market for bioanalytical characterization.

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In 2022, Wyatt generated roughly $110 million in revenue. According to Waters, the acquisition will instantly boost revenue growth and earnings and provide new synergies worth about $70 million annually.

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The deal is anticipated to completion in the second quarter of this year, and Waters intends to finance it with cash on hand and current borrowing power.