Thermo Fisher to buy specialty diagnostics maker for $2.6B - Mass Device

Thermo Fisher Scientific (NYSE:TMO) announced contiguous that it entered into a definitive statement to get The Binding Site Group.

The Binding Site develops specialty diagnostic assays and instruments. It designs its exertion to amended the diagnosis and absorption of humor cancers and immune strategy disorders. The Binding Site’s Freelite offering immunodeficiency successful aggregate myeloma diagnosis and monitoring.

Waltham, Massachusetts-based Thermo Fisher agreed to get The Binding Site from a shareholder radical led by European backstage equity steadfast Nordic Capital. It values the all-cash transaction astatine $2.6 cardinal (£2.25 billion).

Birmingham, UK-based The Binding Site has a workforce of much than 1,100 astir the globe. It remains connected way to present much than $220 cardinal successful gross successful 2022.

“An breathtaking addition”

“This transaction perfectly aligns with our ngo and is an breathtaking summation to our existing specialty diagnostic offerings. With extended expertise and a ample and dedicated installed basal successful crab diagnostics, The Binding Site volition further heighten our specialty diagnostics portfolio,” said Marc N. Casper, chair, president and CEO of Thermo Fisher. “The Binding Site is highly well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for aggregate myeloma.

Casper added that the institution is “excited by the opportunity” to alteration further innovation successful aggregate myeloma detection.

Thermo Fisher expects to implicit the transaction successful the archetypal fractional of 2023. It remains taxable to customary closing conditions, including regulatory approvals.

Upon completion, Thermo Fisher plans to bring The Binding Site successful arsenic portion of its specialty diagnostics segment. The institution anticipates the acquisition to beryllium accretive to adjusted net per stock by 7¢ for the archetypal afloat twelvemonth of ownership.

“This announcement marks the opening of a caller and breathtaking section for The Binding Site and is simply a testament to our team’s singular committedness to improving diligent lives done the improvement and transportation of innovative solutions,” said The Binding Site CEO Stefan Wolf. “The Binding Site has agelong been astatine the forefront of aesculapian diagnostics and by joining the satellite person successful serving science, we volition beryllium adjacent amended positioned to accelerate technological find and grow our merchandise offering for the payment of our colleagues, customers and, astir importantly, the patients we serve.”