Revvity, Inc. is an American company in the life sciences and diagnostics business that is focused on selling to the pharmaceutical and biotechnology industries,[1] especially in relation to approaches making use of new cell therapy or gene therapy developments.[2] Its origins lie with the long-existing company PerkinElmer, which has been in a variety of business lines.[3]
 | |
| Formerly | PerkinElmer, Inc. |
|---|---|
| Company type | Public company |
| Industry | Biotechnology |
| Founded | May 9, 2023 in Waltham, Massachusetts, U.S. |
| Headquarters | , U.S. |
Key people | Prahlad Singh (President and CEO) |
| Revenue | US$3 billion (2022) |
Number of employees | 11,000 worldwide (2023) |
| Subsidiaries |
|
| Website | revvity |
In 2022, a split of PerkinElmer resulted in one part, comprising its applied, food and enterprise services businesses, being sold to the private equity firm New Mountain Capital for $2.45 billion and thus no longer being public but keeping the PerkinElmer name. The other part, comprising the life sciences and diagnostics businesses, remained public but required a new name, which in 2023 was announced as Revvity, Inc.[3] From the perspective of Revvity, the goal of creating a separate company was that its businesses might show greater profit margins and more in the way of growth potential.[1] An associated goal was to have more financial flexibility moving forward.[3] On May 16, 2023, the PerkinElmer stock symbol PKI was replaced by the new symbol RVTY.[4][3]
The name 'Revvity' itself was formed from a combination of the words "revolution" (abrupt change, in English) and "vita" (life, in Latin).[1] It was the larger of the two splitees: of around 17,000 employees of the public PerkinElmer, about 11,000 of them were assigned to it, while some 6,000 went to the newly private PerkinElmer.[4] Initial annual revenues for Revvity were estimated at about $3 billion.[1] Singh and some other senior executives came to Revvity from PerkinElmer, while others were new hires.[4] Headquarters for Revvity were kept in the same town as the old PerkinElmer, that being Waltham, Massachusetts.[1]
Compared with its PerkinElmer past, Revvity was de-emphasizing medical devices in favor of an approach based on reagents and electronic commerce.[2]
References edit
- ^ a b c d e Chesto, Jon (May 16, 2023). "Bold Types: Singh revs things up with new corporate name". The Boston Globe. pp. D1, D3 – via Newspapers.com.
- ^ a b Cima, Greg (May 11, 2023). "Formerly PerkinElmer, Revvity Discusses Plans, Goals as Dx, Life Science Firm". GenomeWeb.
- ^ a b c d Abbott, Robert (May 19, 2023). "PerkinElmer Completes Transformation to Become Revvity". Yahoo! Finance.
- ^ a b c Walrath, Rowan (May 9, 2023). "Here's PerkinElmer's new, post-split name for its life sciences business". Boston Business Journal.
External links edit
- Official website
- Business data for Revvity, Inc.: