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Agilent Buying Dako For $2.2B

Agilent Technologies Inc. said it is buying the cancer diagnostic company to help it develop a wider range of cancer-fighting products.

SANTA CLARA, Calif. (AP) -- Agilent Technologies Inc. said Thursday that it is buying Dako, a Denmark-based cancer diagnostic company, for about $2.2 billion to help it develop a wider range of cancer-fighting products, expand Agilent's life sciences division and boost revenue.

The Santa Clara, Calif.-based scientific instrument maker is acquiring Dako from Swedish private equity group EQT.

Dako provides antibodies, scientific instruments and software mainly to cancer-related diagnostic labs. It also works with drug companies to develop new methods that could be used to identify patients most likely to benefit from certain therapies.

"In the rapidly growing diagnostics market, Dako's products and capabilities are a strategic complement to Agilent's existing offerings," Agilent CEO Bill Sullivan said.

Dako's products are sold in more than 100 countries, and its 2010 revenue totaled about $340 million. It employs more than 1,000 people in Denmark, the U.S. and other parts of the world.

The deal is expected to close within the next 60 days.

Agilent shares rose $1.24, or 3.1 percent, to $41 in premarket trading.

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