Mesa Labs Scoops Up Molecular Diagnostics Tools Firm For $300M

Mesa Laboratories Inc MLAB has agreed to acquire Agena Bioscience Inc for a cash purchase price of $300 million.
The San Diego, California-based Agena offers genetic analysis solutions to clinical labs and development partners.
Excluding the impact of COVID-19 related revenues, Agena is expected to add $63 million - $67 million of revenues during the first 12 months of ownership.
Agena is also expected to deliver an additional $3 million - $5 million of COVID-19 related revenues.
Peter Dansky, CEO of Agena, will join Mesa to lead the new Clinical Genomics Division.
Mesa plans to complete the transaction in its Q3 ending December 31, 2021.
Mesa expects to finance the all-cash transaction with a combination of cash on hand and proceeds from the credit facility. As of June 30, Mesa had cash and equivalents of $275.7 million.
Price Action: MLAB stock is up 6.30% at $297.65 during the market session on the last check Tuesday.