Thermo Fisher Scientific closes $2.8bn acquisition of Binding Site
Thermo Fisher Scientific, an American analytical laboratory instrument manufacturing company, has closed the previously announced acquisition of The Binding Site Group, a UK- based diagnostic products manufacturer, for £2.3 billion ($2.8 billion) in cash.
The acquisition complements and adds to Thermo Fisher Scientific’s existing specialty diagnostics offering in oncology.
The Binding Site offers specialty diagnostic assays and instruments for blood cancers and immune system disorders, and its Freelite offering is recommended for multiple myeloma diagnosis and monitoring.
Marc N Casper — Thermo Fisher Scientific chairman, president, and CEO said: “We are very excited to welcome The Binding Site colleagues to Thermo Fisher Scientific.
“The Binding Site expands our existing specialty diagnostics portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma.
“Early diagnosis and well-informed treatment decisions can make a significant difference in patient outcomes, and we are excited by the opportunity to enable further advancements in this area for the benefit of patients.”
The Birmingham-headquartered Binding Site employs over 1,200 people worldwide and will be part of Thermo Fisher Scientific’s specialty diagnostics segment.
The transaction is expected to be accretive to adjusted earnings per share by $0.07 in 2023, according to Thermo Fisher Scientific.
In October 2022, Thermo Fisher Scientific announced the agreement to acquire Binding Site from a shareholder group led by European private equity firm Nordic Capital.
Thermo Fisher Scientific with an annual revenue of approximately $40 billion, goes to market under brands of Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Patheon, Unity Lab Services, and PPD.