Danaher has agreed to acquire Integrated DNA Technologies (IDT) for an undisclosed price, the companies said today, in a deal that would expand the buyer into the genomics research market.
Headquartered in Skokie, IL, IDT provides consumables for genomics applications in molecular biology, qPCR, next-generation sequencing (NGS), synthetic biology, gene editing, and molecular diagnostics.
The company’s primary business is manufacturing custom DNA and RNA oligonucleotides for customers in the academic and biopharmaceutical research, biotechnology, agriculture, clinical diagnostics, and pharmaceutical development end markets. IDT says it has more than 100,000 customers worldwide.
Last month, IDT researchers joined colleagues from Harvard Medical School and Tel Aviv University in publishing a study detailing their development of another potential RNA-carrying vehicle, a flexible, self-assembling short interfering RNA (siRNA) carrier platform that they asserted can easily be customized to target any cell receptor.
And in May 2017, IDT enhanced its presence in NGS by launching a partnership with Illumina aimed at providing improved library preparation multiplexing and target enrichment solutions. The companies agreed to develop indexed adapters designed for multiplex NGS, to be manufactured by IDT.
Upon completion of the Danaher deal, which is expected in mid 2018, IDT will operate as a standalone operating company and brand within Danaher's Life Sciences platform. That “platform” or unit includes Beckman Coulter Life Sciences, SCIEX, Molecular Devices, Pall, and Leica Microsystems.
“IDT expands our presence into the highly attractive genomics market and will help play a central role in accelerating our customers’ research and time to market as they develop critical diagnostic tests and potential life-saving therapies,” Rainer Blair, EVP of Danaher's Life Sciences platform, said in a statement. “IDT's historical double-digit core revenue growth and strong margins are a testament to the team's commitment to the highest standards of quality, service, and technical expertise.”
Privately held IDT does not disclose revenues.
IDT CEO and chairman Joseph Walder, M.D., Ph.D., founded IDT in 1987 and has overseen the company as it has grown to more than 1200 employees worldwide. Last year the company expanded its reach in the Asia-Pacific region by acquiring the oligonucleotide manufacturing business of GeneWorks in Australia for an undisclosed price.
"Joining Danaher will allow us to accelerate the high pace of innovation and superior service our customers have come to expect from us, as well as help expand our global reach,” Dr. Walder said in a statement.
The acquisition deal is subject to customary closing conditions and regulatory approvals, Danaher and IDT said.
As with other Danaher companies, IDT will be operated based on a common culture and operating system called the Danaher Business System, focused on people, plans, processes, and performance.
“We look forward to supporting the IDT team and helping them leverage the tools of the Danaher Business System (DBS) to further enhance their growth profile and continue to create long-term customer value,” added Danaher president and CEO Thomas P. Joyce, Jr.