Laboratory equipment supplier Avantor is completing a $2.9 billion dollar deal to buy the product line of an Illinois-based pump manufacturer, writes John George for the Philadelphia Business Journal.

The Radnor-based company is acquiring the Masterflex bioprocessing business of Antylia Scientific in Vernon Hills, Illinois. It’s a global maker of peristaltic pumps and aseptic single-use fluid transfer technologies.

The company expects its net purchase price will be about $2.7 billion after anticipated tax benefits from the transaction.

After the agreement was announced,  Avantor’s stock price closed up more than 3 percent Tuesday at $42 per share.

The deal strengthens its product offerings on bio-production platforms, COVID-19 vaccine manufacturing, monoclonal antibodies, cell and gene therapies, and messenger-RNA therapies.

“The business enhances our portfolio of proprietary technologies and strengthens our position in the highest growth segments of the market,” said Michael Stubblefield, CEO of Avantor.

Over 10 years, Avantor has made 43 acquisitions. The acquisitions involve competing or complementary  lab product companies for life sciences, research, universities and other health care customers.

It has 12,400 employees, and serves 225,000 customers in 180 countries. Avantor ha $6.4 billion in revenue and a net income of $116.6 million in 2020.

Read more in the Philadelphia Business Journal about Radnor-based Avantor’s acquisition of Masterflex.

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Avantor CEO Michael Stubblefield talks about the role Avantor is playing in fighting the COVID-19 pandemic.