This article was originally published in The Gray Sheet
Executive SummaryMaker of instruments and related consumables for the life sciences research market, including drug discovery, genomics and biochip analysis, files for an initial public offering. Packard's primary products include microwell plate readers, imaging systems, automated liquid handling systems, laboratory robotics systems, bioanalytical spectrometers and biochemicals and related supplies. The IPO proceeds are tabbed for debt repayment, R&D and general corporate purposes. The Meriden, Connecticut firm recorded 1999 revenues of $264.9 mil., up 16.1%. A net loss of $198,000 compares to net income of $1.9 mil. in 1998. Underwriters include Merrill Lynch, Chase H&Q, and Robert Baird & Co
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