Linden Acquires Hycor Biomedical Business from Agilent Technologies
Chicago, Illinois / Santa Clara, California (February 3, 2010) – Linden LLC, a Chicago-based healthcare private equity firm, today announced it has acquired Hycor Biomedical Inc. from Agilent Technologies (NYSE: A). Hycor develops, manufactures and markets in vitro diagnostic products for the global allergy, autoimmune and urinalysis markets. Agilent acquired Hycor through its acquisition of Stratagene in 2007. The terms of the agreement were not disclosed.
Founded in 1981 and based in Garden Grove, California, Hycor is a global manufacturer and marketer of in vitro diagnostics products. A series of acquisitions since its founding have expanded the company’s presence into urinalysis, allergy and autoimmune products used in clinical laboratories, hospitals and doctors’ offices worldwide. Among its products, Hycor markets the HYTEC™, KOVA® and AUTOSTAT™ brands. The company is focused on delivering products that provide the highest value to clinicians through innovation, reliability and customer service.
“We believe Hycor has great opportunities outside of the Agilent portfolio,” said Nick Roelofs, President of Agilent’s Life Sciences Group. “Hycor is an innovative, profitable and growing business, but it does not fit the core focus of our life science business. Agilent is pleased that Linden is the buyer because of its strong healthcare and diagnostics expertise coupled with its track record of investing in and growing businesses.”
Richard Novak, a Linden Operating Partner and former Chief Operating Officer of Laboratory Corporation of America (NYSE: LH), will serve as Chairman of Hycor. “The Hycor platform is well-positioned to compete in the high-growth segments of in vitro diagnostics for allergy and autoimmune testing,” said Novak. “Additionally, Hycor’s market leadership in urinalysis products provides the business an attractive platform for international expansion.”
Thomas Weisel Partners LLC acted as exclusive financial advisor to Agilent for this transaction.