Pharma BD Deal Intelligence
A $1.3B all-cash deal that turned into a pandemic windfall: EUROIMMUN's COVID-19 antibody tests drove PerkinElmer's Diagnostics revenue from $1.14B to $2.07B in a single year. The asset was retained through the 2023 Revvity spinoff with no goodwill impairment, still launching new products in 2025.
EUROIMMUN became a cornerstone diagnostics asset — COVID-era windfall, kept through the PerkinElmer-to-Revvity split, no impairments, still launching new products in 2025
Full analysis, sources & comparables →PerkinElmer to acquire EUROIMMUN for approximately $1.3 billion, expanding into autoimmune and allergy diagnostics and adding infectious-disease capabilities,…
Cowen's Doug Schenkel called the deal 'attractively accretive' and 'a good use of capital'; Evercore's Ross Muken said it 'furthers management's push into…
PerkinElmer expected ~$0.28-$0.30 non-GAAP EPS accretion in 2018, with EUROIMMUN's ~19% five-year revenue CAGR providing growth uplift to PKI's diagnostics…
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PerkinElmer agreed to acquire EUROIMMUN, a German leader in autoimmune testing and emerging player in infectious disease/allergy diagnostics, for approximately $1.3B. EUROIMMUN was expected to generate ~$310M revenue in 2017 with five-year average revenue growth of 19%. The deal expanded PerkinElmer's diagnostics portfolio across reproductive health, autoimmune, infectious disease and allergy testing. Closed December 2017.
EUROIMMUN became a cornerstone diagnostics asset — COVID-era windfall, kept through the PerkinElmer-to-Revvity split, no impairments, still launching new products in 2025
Assessment window: 5yr post-close.
$6.1B Global autoimmune diagnostics market 2025
Autoimmune diseases (lupus, rheumatoid arthritis, celiac, MS, type 1 diabetes) affect ~50M Americans and require complex serologic testing—primarily indirect immunofluorescence (IIFT) and ELISA-based autoantibody panels—for diagnosis and monitoring. The diagnostic infrastructure is fragmented across reference labs and hospital systems, with high test volume but slow conversion from manual to automated platforms.
EUROIMMUN entered PerkinElmer's portfolio as a global leader in autoimmune IVD with ~$310M FY2017 revenue and a 19% five-year revenue CAGR. Key competitors in autoimmune diagnostics include Werfen/Inova Diagnostics (BIO-FLASH, QUANTA-Lyser platforms), Thermo Fisher Scientific (Phadia ImmunoCAP/EliA), Bio-Rad Laboratories (BioPlex 2200), and bioMérieux. EUROIMMUN's differentiation rests on its IIFT installed base and breadth of CE-marked autoimmune assay menu, with North American penetration unusually low at ~5%—the explicit synergy thesis behind the acquisition. Cowen analyst Doug Schenkel called the deal 'attractively accretive' and 'a good use of capital,' while Evercore ISI's Ross Muken noted it 'furthers management's push into accelerating PKI's growth rate and transforming the business into a Dx leader'. Closed December 2017; PerkinElmer's diagnostics + life sciences segments were spun out as Revvity in 2023, with EUROIMMUN remaining inside Revvity.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| PerkinElmer, Inc. / EUROIMMUN Medizinische Labordiagnostika AG (this deal) | 2017 | $1.3B | 88 |
| Amgen Inc. / Immunex Corporation | 2002 | $16.0B | 92 |
| Vertex Pharmaceuticals Incorporated / Alpine Immune Sciences | 2024 | $4.9B | 78 |
| Roche Holding AG / Genentech, Inc. (Roche Group) | 2009 | $46.8B | 72 |
| Travere Therapeutics, Inc. / Everest Medicines Limited | 2026 | $1.1B | 72 |
| Amgen Inc. / Horizon Therapeutics plc | 2022 | $27.8B | 72 |
| AbbVie Inc. / Apogee Therapeutics, Inc. | 2026 | $10.9B | 72 |
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