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Perkin-Elmer in $360M deal
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August 25, 1997: 1:58 p.m. ET
Leading analytical instrument maker picks up PerSeptive Biosystems
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NEW YORK (CNNfn) - Scientific instrument-maker Perkin-Elmer on Monday said it will acquire PerSeptive Biosystems in a $360 million deal that will help it to pursue cutting-edge drug research, the company said.
As part of the stock transaction - which will be accounted for as a tax-free pooling of interests -- Perkin-Elmer will pay PerSeptive $13 a share, the company said.
Perkin-Elmer, based in Norwalk, Conn., has been trying to acquire technology firms to further its grasp into drug research, a spokesman said.
PerSeptive, headquartered in Framingham, Mass., is a leading maker of analytical instruments in the field of proteomics, or the study of proteins and protein networks.
Said Tony White, Perkin-Elmer's chairman: "Our Board and management team are united in the belief that we must take bold action now to lead the emerging era of molecular medicine with leading positions in both genetic and protein analysis."
Noubar Afeyan, PerSeptive's chairman, said the sale would give his company access to much greater resources.
"Perkin-Elmer [is] a very successful, technology-driven company that shares our vision," he said. 
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