PerkinElmer To Acquire Tulip Diagnostics Private Limited In India

GOA, India--(BUSINESS WIRE)--PerkinElmer, Inc., a global leader committed to innovating for a healthier world, today announced that it has entered into a definitive agreement to acquire Tulip Diagnostics Private Ltd. Based in Goa and with more than 1,200 full-time employees, Tulip is one of India’s largest domestic providers of in-vitro diagnostic reagents, kits and instruments.

“In-vitro diagnostics is one of the fastest growing vertical segments in India, and Tulip provides the key enablers for PerkinElmer to broaden our infectious disease screening menu and capabilities for customers throughout the region”

Tulip’s solutions include products for the prevention, screening and diagnosis of infectious diseases such as malaria, HIV and hepatitis. Tulip has manufacturing facilities in two locations (Goa and Uttarakhand) and 12 branch offices to support more than 30,000 customers and 1,000 distributors in India.

“In-vitro diagnostics is one of the fastest growing vertical segments in India, and Tulip provides the key enablers for PerkinElmer to broaden our infectious disease screening menu and capabilities for customers throughout the region,” said Jayashree Thacker, President, PerkinElmer India. “The acquisition underscores our commitment to bringing advanced healthcare innovations into India, while continuing to further expand our footprint in the country.”

Since 1981, PerkinElmer has offered instruments and services to customers in India, spanning a wide range of markets. In early 2016, PerkinElmer opened a laboratory in Chennai, Tamil Nadu, to respond to the growing need for easier access to technologies that screen for and help diagnose prenatal and neonatal conditions.

“Combining our product portfolio and channel access in India with PerkinElmer’s established position as a global diagnostics provider enables us to work closely with customers in India to bring the latest infectious disease technologies to them at an affordable cost,” said Deepak Tripathi, Director and Co-founder, Tulip Diagnostics Private Ltd.

PerkinElmer offers a global diagnostics portfolio focused on: reproductive health, infectious disease screening and genomics offerings for oncology and other molecular tests through its wide range of instruments, reagents, assay platforms and software offerings.

The transaction is currently anticipated to close in the first quarter of 2017.

About PerkinElmer, Inc.
PerkinElmer, Inc. is a global leader committed to innovating for a healthier world. The Company reported revenue of approximately $2.3 billion in 2015, has approximately 8,000 employees serving customers in more than 150 countries, and is a component of the S&P 500 Index. Additional information is available through 1-877-PKI-NYSE or at www.perkinelmer.com.

Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities and divestitures. Words such as "believes," "intends," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) fluctuations in the global economic and political environments; (3) our failure to introduce new products in a timely manner; (4) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (5) our failure to adequately protect our intellectual property; (6) the loss of any of our licenses or licensed rights; (7) our ability to compete effectively; (8) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (9) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (10) disruptions in the supply of raw materials and supplies; (11) the manufacture and sale of products exposing us to product liability claims; (12) our failure to maintain compliance with applicable government regulations; (13) regulatory changes; (14) our failure to comply with healthcare industry regulations; (15) economic, political and other risks associated with foreign operations; (16) our ability to retain key personnel; (17) significant disruption in our information technology systems; (18) our ability to obtain future financing; (19) restrictions in our credit agreements; (20) the approval of the Brexit Referendum in the United Kingdom; (21) our ability to realize the full value of our intangible assets; (22) significant fluctuations in our stock price; (23) reduction or elimination of dividends on our common stock; and (24) other factors which we describe under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.