Thermo Fisher to buy specialist protein diagnostics company Binding Site

Thermo Fisher Scientific has agreed to acquire The Binding Site Group, a UK-based specialist protein diagnostics company, for £2.25 billion ($2.6 billion) in an all-cash deal from a shareholder consortium led by Nordic Capital.

The Binding Site Group offers specialty diagnostic assays and instruments to help in the diagnosis and management of immune system disorders as well as blood cancers.

The Freelite assay of the specialist protein diagnostics company is used for the diagnosis of multiple myeloma and tracking across all stages of the cancer in the plasma cells.

Marc N Casper — Thermo Fisher Scientific chairman, president, and CEO said: “This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings.

“With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio.”

Thermo Fisher Scientific to acquire specialist protein diagnostics company Binding Site for $2.6 billion. Photo courtesy of Thermo Fisher Scientific Inc.

With a direct presence in more than 23 countries, The Binding Site Group’s business is said to have been growing nearly 10% per year and is set to deliver $220 million plus of revenue this year.

Stefan Wolf — The Binding Site Group CEO said: “The Binding Site has long been at the forefront of medical diagnostics and by joining the world leader in serving science, we will be even better positioned to accelerate scientific discovery and expand our product offering for the benefit of our colleagues, customers and, most importantly, the patients we serve.”

The Binding Site Group will become part of Thermo Fisher Scientific specialty diagnostics unit on the completion of the deal. The acquisition of the specialist protein diagnostics company is anticipated to be accretive to adjusted earnings per share of the latter by $0.07 for the first full year of ownership.

Expected to close in H1 2023, the transaction is subject to regulatory approvals and other customary closing conditions.