Ecolab has announced it is planning to acquire King of Prussia-based Purolite for $3.7 billion, writes Patrick Kennedy for The Philadelphia Inquirer.

The family-owned company provides purification solutions that will complement its new owner’s life sciences division.

Purolite, founded in 1981 by brothers Steve and Don Brodie, has more than 1,000 employees in over 30 countries. The purchase price is more than nine times higher than Purolite’s annual sales of around $400 million a year.

“Purolite is an acquisition that brings us a fast-growing leader in biopharma and industrial purification solutions with very strong margins,” said Christophe Beck, Ecolab’s president and chief executive.

The transaction will allow Ecolab to “significantly increase our opportunities in our high growth, high margin life sciences business, such as the purification of mRNA vaccines and monoclonal antibodies for cancer-treatment drugs,” he added.

Ecolab will combine its capabilities in the area with the acquired company’s “revolutionary” resin technology. This should result in a “game-changing offering” for the company.

The absorbent resins made by Purolite purify water as well as decontaminate solutions for multiple industries. The deal is expected to close in the last quarter of this year.

Read more about Purolite in King of Prussia in The Philadelphia Inquirer.