With more than 80% of its revenues tied to large molecule applications, Wyatt will accelerate Waters’ ability to “build a high-growth business” in bioanalytical characterization for new modalities.
This includes cell and gene therapies, which represents a significant opportunity, with a $1.8 billion total addressable market and 10-12% projected annual growth.
By combining Wyatt's complementary analytical technologies with Waters' global presence and expertise in simplifying complex techniques, the company is better equipped to meet the increasing demands of its customers worldwide.
"We are pleased to complete the acquisition of Wyatt, which is a significant milestone for Waters as we advance our strategy to accelerate value creation and generate faster growth," said Dr. Udit Batra, CEO and president of Waters.
"With Wyatt, we are even better positioned to solve our customers' critical challenges with differentiated bioanalytical characterization techniques. We welcome the Wyatt team to Waters and look forward to facilitating a smooth integration process and working together to deliver an unmatched set of bioanalytical characterization solutions to our global customers."
The acquisition is expected to have an immediate positive impact on Waters' revenue growth and margin profile.
In addition, it is projected to generate over $70 million in annual revenue synergies within five years of the transaction’s completion.
Waters expects an accretive effect on its adjusted earnings per share starting from Q1 2024, alongside a high single-digit plus adjusted return on invested capital in the fifth year after tax.