Linden Pursues Agilent Carveout
Following Agilent’s EU mandate, Linden hopes to build out the healthcare divestiture.
February 3, 2010
The listed, Santa Clara, California-based life sciences company Agilent Technologies, Inc. divested Hycor Biomedical Inc., in a private transaction with buyout firm Linden LLC. Terms of the transaction were not disclosed.
Earlier this month, the EU cleared Agilent’s $1.5 billion purchase of Varian, Inc., but stipulated that the bio-analysis and electronic measurement company divest product lines earning revenues of “under $100 million” in 2009. The vitro diagnostics unit was acquired by Agilent in June 2007 as part of its purchase of the life sciences products maker Stratagene Corp.
Earlier this month, Linden and co-investor Code Hennessy & Simmons LLC sold a jointly-held portfolio company, Suture Express, Inc., to New York City-headquartered Diamond Castle Partners.
Chicago-based Linden, a healthcare-focused buyout firm will has been involved in expanding its team of operating partners over the past couple years. In October 2009, the firm hired Charlie Mamrak, a former executive at Fisher Scientific and chief executive of PML Microbiologicals, as an operating partner to pursue life science transactions. In July 2009, the firm hired Fran Lunger, a former CEO of the Millipore Corp., as an operating partner. In August 2008, the firm named Richard Novak, former as chief operating officer of Laboratory Corporation of America, as an operating partner.
Agilent used Thomas Weisel Partners LLC as its financial advisor for the Hycor sale. The life sciences company declined to comment of the transaction. As of press time, Agilent stock traded at $29.72 per share.
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