Bruker Corporation (Nasdaq: BRKR) today announced that it has completed the acquisition of PhenomeX, a leading provider of single-cell biology research tools, for $108 million in cash. Bruker announced the agreement to acquire PhenomeX on August 17, 2023.
PhenomeX is a functional cell biology company that provides single-cell biology research tools to deliver deep insights into cellular function and new perspectives on phenomes and genotype-to-phenotype linkages. PhenomeX key platforms include the Beacon® line of Optofluidic systems, which enables researchers to accelerate biologics product development by functional characterization of tens of thousands of single cells in parallel, while maintaining the cells in a healthy state for further genomic and proteomic profiling, connecting phenotype with genotype and other multiomic information. In addition, PhenomeX complements the Beacon line of products with the IsoSpark and IsoLight systems for highly multiplexed single-cell proteomic characterization.
“We are excited to welcome PhenomeX to Bruker,” commented Dr. Mark R. Munch, President of the Bruker NANO Group. “PhenomeX’s differentiated research tools are highly valued by customers in the attractive growth markets of antibody development, cell line development, cell and gene therapy, and many more. Also, PhenomeX’s platforms are highly complementary to our existing cellular and sub-cellular analysis tools including our high-performance CellScape™ spatial biology platform.”
Bruker expects to right-size PhenomeX’s cost structure immediately and expects the acquisition of PhenomeX to be slightly dilutive to Bruker’s non-GAAP EPS in 2024 and 2025, and accretive to Bruker’s non-GAAP EPS beginning in 2026. During its Q3 2023 earnings release, Bruker will provide more details on the expected Q4 2023 effect from PhenomeX. Today, Bruker reconfirms its medium-term financial outlook as issued at its Investor Day in June 2023.
As a result of the transaction closing, PhenomeX common stock will no longer be listed for trading on the Nasdaq Global Market. Also, PhenomeX will soon be changing its name.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Bruker’s high-performance scientific instruments and high-value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity and customer success in life science molecular and cell biology research, in applied and pharma applications, in microscopy and nanoanalysis, as well as in industrial applications. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit: www.bruker.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” regarding Bruker’s acquisition of PhenomeX.
All statements, other than statements of historical facts, including statements concerning Bruker’s and PhenomeX’s plans, objectives, goals, beliefs, strategy and strategic objectives, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” or “will” or the negatives of these terms or variations of them or similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties include, but are not limited to, Bruker’s ability to integrate PhenomeX and achieve the expected synergies; risks relating to the potential diversion of management’s attention from Bruker’s ongoing business operations; the risk of stockholder litigation and any other legal proceedings relating to the transaction, including resulting expense; the risk that any announcements relating to the transaction could have adverse effects on the market price of Bruker’s common stock; the risk that the transaction and its announcement could have an adverse effect on the ability of PhenomeX to retain and hire key personnel and to maintain relationships with customers, vendors, employees and other business partners and on its operating results and business generally; and the risk that Bruker’s financial results may not be consistent with current guidance or that Bruker may not reliably predict the impact of the acquisition on its financial results or guidance. For further discussion of these and other risks and uncertainties, see Bruker’s most recent Form 10-K and Form 10-Q filings with the SEC. Except as required by law, Bruker does not undertake any duty to update forward-looking statements to reflect events after the date of this press release.
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