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VAR

Varian Medical

$90.46

-0.03 (-0.03%)

, PKI

PerkinElmer

$53.09

-0.43 (-0.80%)

08:24
12/22/16
12/22
08:24
12/22/16
08:24

Varian Medical to buy PerkinElmer's Medical Imaging business for $276M

Varian Medical Systems (VAR) announced an agreement to acquire the Medical Imaging business of PerkinElmer, Inc. (PKI) as an addition to the Varian Imaging Components business, which is slated to become an independent public company, Varex Imaging Corporation, through a previously announced separation expected to be completed in January 2017. The acquisition is expected to close after the planned separation of Varex from Varian and following receipt of required regulatory approvals. Varex will pay $276M to acquire PerkinElmer's Medical Imaging business, which is a supplier of digital flat panel X-ray detectors that serve as components for industrial, medical, dental and veterinary X-ray imaging systems. This business, which has about 280 employees, is headquartered in Santa Clara, Calif. with operations in Germany, the Netherlands and the United Kingdom. The acquisition, which is contingent on the satisfaction of customary closing conditions, including obtaining third party and regulatory consents, is expected to be immediately accretive to Varex following the closing. Varex plans to finance the acquisition through an expansion of its bank credit facilities to approximately $600M. As announced previously, Varex is expected to transfer approximately $200M in cash to Varian as part of the separation. "Varex is a growth business with strong cash flows that we are confident will enable us to support a debt level at approximately three-times fiscal year 2016 proforma EBITDA including both businesses," said Sunny Sanyal, the president of Varian's Imaging Components unit who is expected to become CEO of Varex.

VAR

Varian Medical

$90.46

-0.03 (-0.03%)

PKI

PerkinElmer

$53.09

-0.43 (-0.80%)

  • 09

    Jan

  • 25

    Jan

  • 09

    Feb

VAR Varian Medical
$90.46

-0.03 (-0.03%)

01/12/16
BRRR
01/12/16
INITIATION
Target $91
BRRR
Outperform
Varian Medical assumed with an Outperform at Barrington
Barrington analyst Michael Petusky assumed coverage of Varian Medical with an Outperform rating and $91 price target.
04/28/16
BMUR
04/28/16
NO CHANGE
Target $87
BMUR
Buy
Varian Medical price target raised to $87 from $82 at Brean Capital
Brean Capital raised its price target on Varian Medical to $87 from $82 following mixed Q2 results. The firm cited its lowered guidance, which they now see as achievable. Brean Capital reiterated its Buy rating on Varian Medical shares.
07/08/16
BARD
07/08/16
NO CHANGE
Target $84
BARD
Neutral
No change in PFS proposed rates a positive for Varian Medical, says Baird
Baird analyst Jeff Johnson noted that CMS released CY 2017 proposed payment rates under the Physician Fee Schedule and said the flat proposed rate changes for a typical radiation freestanding center next year is a positive for Varian Medical. While the flat proposed rate is in-line with management guidance, will still likely come as a relief for investors, said Johnson, who keeps a Neutral rating and $84 price target on Varian shares.
10/20/16
SBSH
10/20/16
NO CHANGE
SBSH
General Electric takeover of Varian Medical unlikely, says Citi
Citigroup said General Electric (GE) exited the radiation oncology space in the 1990's and since then has had virtually no interest in getting into the treatment side of healthcare versus diagnostics. Further, the firm's analyst said Varian (VAR) is in the midst of spinning off their imaging business, and in theory, would make Varian a much more attractive target for General Electric. However, Citi said a takeover of Varian before the spin closing in December would make no sense by General Electric and reduces the firm's belief in today's speculation.
PKI PerkinElmer
$53.09

-0.43 (-0.80%)

08/05/16
MZHO
08/05/16
DOWNGRADE
Target $56
MZHO
Neutral
PerkinElmer downgraded to Neutral from Buy at Mizuho
Mizuho analyst Eric Criscuolo downgraded PerkinElmer to Neutral citing valuation following the company's Q2 results with the stock near his $56 price target. The analyst sees "no strong driver: to push the valuation higher.
09/22/16
UBSW
09/22/16
NO CHANGE
Target $61
UBSW
Buy
PerkinElmer still an underappreciated story, says UBS
UBS analyst Jonathan Groberg believes PerkinElmer remains an underappreciated story. The analyst said his buy thesis remains unchanged as management has executed well on its plan to streamline and invest in core businesses. Groberg reiterated its Buy rating and raised his price target to $61 from $56 on PerkinElmer shares, also citing expectations the company will be able to expand margins and the stock's compelling relative valuation.
11/29/16
PIPR
11/29/16
NO CHANGE
PIPR
Piper sees tax holiday as potential catalyst for Medical Diagnostics space
A repatriation tax holiday represents a potential catalyst for the Medical Diagnostics space, Piper Jaffray analyst William Quirk tells investors in a research note. Quirk notes that Becton Dickinson (BDX), Illumina (ILMN) and PerkinElmer (PKI) disclose cash held overseas and that all have highlighted share repurchases and acquisitions as priorities. He believes a repatriation event could be a catalyst for small lab deals. Acquisition targets include CareDx (CDNA), Genomic Health (GHDX), Oxford Immunotec (OXFD), Trovagene (TROV) and Veracyte (VCYT), Quirk tells investors.
12/15/16
CANT
12/15/16
NO CHANGE
Target $8
CANT
Overweight
Pacific Biosciences a 'viable takeout target,' says Cantor
Cantor analyst Bryan Brokmeier says Pacific Biosciences' (PACB) shares are oversold after the company announced that Roche (RHHBY) has terminated their IVD-distribution agreement, whereby Roche had exclusive distribution rights of the Sequel into the clinical market. While the analyst acknowledges Roche's termination of the agreement is a clear long-term strategic negative, he says it is not nearly as much as the stock selloff is implying and notes that Pacific Biosciences is now positioned to sell into the clinical sequencing market directly or through other partners. Moreover, Brokmeier believes Pacific Biosciences is now "effectively a viable takeout target" for other companies, with Agilent (A), Bio-Techne (TECH), Illumina (ILMN), PerkinElmer (PKI), Thermo Fisher (TMO), and Roche among potential acquirers. He reiterated an Overweight rating on Pacific Biosciences' stock, but lowered his price target on the shares to $8 from $15.

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