PerkinElmer to Buy Lab Instrument Maker

PerkinElmer Inc., the world’s third-biggest maker of drug discovery equipment, said it agreed to buy laboratory instrument maker Packard BioScience Co. for $614 million in stock.

Packard BioScience shareholders will receive 0.311% of PerkinElmer’s shares, or $8.55 for each share held at the close of business Friday, when PerkinElmer closed at $27.54. PerkinElmer also will assume about $36 million of Meriden, Conn.-based Packard BioScience’s debt.

The move is the latest in a series of efforts PerkinElmer has made over the last three years to transform itself into a risk-taking, high-growth company by moving into the genetics industry, principally by providing the technology needed by drug companies to test and analyze potential drug candidates.

PerkinElmer’s shares rose 39 cents to $27.93 on the NYSE. Packard BioScience’s shares fell 9 cents to $8.46 on Nasdaq.