Waltham, Mass.-based global human and environmental healthcare and diagnostics leader PerkinElmer Inc. (NYSE: PKI), said it agreed to acquire Germany’s privately-held Euroimmun Medical Laboratory Diagnostics AG, for $1.3 billion in cash.

The deal expands PerkinElmer’s reach into autoimmune and allergy diagnostic markets, while offering new infectious disease capabilities to customers in China. In addition, as a market leader in the U.S. for reproductive health, PerkinElmer will have the opportunity to drive Euroimmun’s solutions into this well established channel.

Euroimmun, founded in 1987 by Prof. Dr. Winfried Stöcker, is a global leader in autoimmune testing and an emerging force in infectious disease and allergy testing. The company, based in Lübeck, Germany, with 1600 employees in Germany and 2370 employees worldwide, has extensive expertise and capabilities across immunology, cell biology, histology, biochemistry and molecular biology.

Euroimmun is expected to generate approximately $310 million in revenue this year, and over the last five years, the company has averaged revenue growth of 19%. In 2016, the company generated sales in more than 130 countries worldwide, with approximately 45% of revenues in China, 30% in Europe, Middle East & Africa, 5% in the Americas and 20% in the rest of world.

“With the acquisition of Euroimmun and its talented team of professionals, we are able to leverage our combined advanced detection, imaging and assay development capabilities, along with our strong collective market positions and synergistic commercial activities, to deliver better and more complete solutions to our customers around the world,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “We look forward to working with the Euroimmun team as we partner together to help improve global health through advanced diagnostics.”

“I am delighted to entrust Euroimmun to PerkinElmer, a company I believe shares our important mission and will secure the continuity of our culture and tradition of innovation that we have developed over the last thirty years,” said Winfried Stöcker, founder and chief executive of Euroimmun.

PerkinElmer’s comprehensive global diagnostics portfolio will now include solutions focused on: reproductive health; autoimmune, infectious disease and allergy testing; gene analyses; and genomics offerings for oncology and other molecular tests through its wide range of instruments, reagents, assay platforms and software offerings.

PerkinElmer produces analytical instruments, genetic testing and diagnostic tools, medical imaging components, software, instruments, and consumables for multiple end markets. The company reported revenue of approximately $2.1 billion in 2016, serves customers in more than 150 countries with 9,000 employees worldwide.

The deal is subject to regulatory approvals and customary closing conditions, and is expected to close in the fourth quarter of 2017. The acquisition is expected to be accretive to PerkinElmer’s 2018 non-GAAP earnings per share results by approximately $0.28 to $0.30.

Photo: Winfried Stöcker, Founder & CEO of Euroimmun.

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