MILFORD, Mass.– Waters Corporation (NYSE:WAT) today announced it has entered into an agreement to acquire Wyatt Technology, a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories, and services, for $1.36 billion in cash, subject to certain adjustments. The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions.
Bioanalytical characterization for new modalities including cell and gene therapies is a significant market opportunity, with a $1.8 billion total addressable market and 10-12% projected annual growthi. By applying Waters’ well-established business model, Empower informatics software, global reach and scale, Waters and Wyatt are well-positioned to build a high-growth bioanalytical characterization business.
Based in Santa Barbara, Calif., Wyatt is a privately held family company with 2022 revenues of approximately $110 million. With a worldwide workforce of more than 200 employees, Wyatt has been delivering world-class training and personal service to a global base of scientific customers. Since Wyatt’s scientists were the first to commercialize on-line multi-angle laser light scattering instruments more than 40 years ago, Wyatt has been defining and redefining state-of-the-art macromolecular characterization instrumentation, software, and services to solve its customers’ unmet needs. Over the years, Wyatt has added several complementary technologies, including well-plate based dynamic light scattering and field-flow fractionation for separating nanoparticles in solution. Together, its innovative product offerings are used across the value chain in discovery, product development, manufacturing, and QA/QC settings to determine the critical quality attributes of novel therapeutics such as cell and gene therapies, vaccines, and proteins, as well as synthetic polymers and nanoparticles.
“Over the past two years, Waters has regained our commercial momentum, revitalized innovation and put an outstanding leadership team in place. Now we are entering the next phase of our strategy to accelerate value creation and generate faster growth,” said Dr. Udit Batra, President and CEO, Waters Corporation. “While biologics therapies, including cell and gene therapies, can dramatically change the quality of life for a significant percentage of the population, the cost of delivering these therapies is a major barrier for broader adoption. We share a common mission to harness our technology and deep scientific expertise to increase the availability and affordability of life-changing therapies. We look forward to welcoming the Wyatt team to the Waters family.”
“For more than 40 years, our company has delighted its customers using the unique products and unparalleled personal service we deliver to support life-enhancing large molecule therapeutics,” said Dr. Philip Wyatt, Chairman and Founder of Wyatt Technology. “For decades, we have seen firsthand how closely Waters and Wyatt’s scientific heritage, ethos, and values have been aligned. Becoming an integral part of Waters is a natural way for us to expand our business dramatically. Waters has the reach and scale to leverage Wyatt’s successful legacy and extend the benefits of our offerings to many new applications and customers. We could not be more excited about the vast growth opportunities we will have as part of Waters.”
