Waters set to acquire Wyatt Technology

Waters Corporation 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 US$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.

Based in California, Wyatt is a privately held family company with a worldwide workforce of more than 200 employees and revenue of approximately US$110 million in 2022. Having led the commercialisation of online multi-angle laser light scattering instruments more than 40 years ago, Wyatt has been defining and redefining state-of-the-art macromolecular characterisation 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.

Bioanalytical characterisation for new modalities including cell and gene therapies is understood to be a significant market opportunity, with a US$1.8 billion total addressable market and 10–12% projected annual growth. By applying Waters’ business model, Empower informatics software, global reach and scale, Waters and Wyatt should be well positioned to build a high-growth bioanalytical characterisation business.

“Over the past two years, Waters has regained our commercial momentum, revitalised 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 of Waters.

“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.”

Dr Philip Wyatt, Chairman and founder of Wyatt Technology, added, “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.”

Image credit: iStock.com/Mongkolchon Akesin