Thermo Fisher to buy diagnostics firm Binding Site for $2.6 billion By Reuters

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Thermo Fisher to buy diagnostics firm Binding Site for $2.6 billion

Published Oct 31, 2022 07:23AM ET Updated Oct 31, 2022 10:59AM ET

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Thermo Fisher to buy diagnostics firm Binding Site for $2.6 billion

© Reuters. FILE PHOTO: A scientist researcher, wearing protective gear, shows a box controlling the air quality in the lab at the Thermo Fisher plant, former Novasep, producing COVID-19 vaccines for AstraZeneca in Seneffe, Belgium, February 10, 2021. REUTERS/Yves H

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(Reuters) - Thermo Fisher Scientific Inc (NYSE:TMO) said on Monday it would buy Binding Site Group from European private equity firm Nordic Capital in an all-cash transaction valued at 2.25 billion pounds ($2.6 billion), boosting its specialty diagnostics business.

Birmingham, U.K.-based Binding Site's test helps detect and monitor multiple myeloma, a cancer in a type of white blood cell, and is on track to deliver more than $220 million of revenue in 2022, Thermo Fisher said.

Scientific instruments maker Thermo Fisher's specialty diagnostics portfolio includes equipment for testing allergy and autoimmune diseases and for monitoring transplant-related biomarkers.

Speciality diagnostics business generated revenue of $3.65 billion for the nine months ended Oct. 1, accounting for about 10% of Thermo Fisher's total revenue during the period.

U.S.-based Thermo Fisher expects the transaction to be completed in the first half of 2023 and boost adjusted earnings per share by 7 cents on the first full-year of ownership.

Thermo Fisher had earlier this year bought recombinant proteins maker PeproTech for about $1.85 billion in cash, after spending about $17.4 billion to buy clinical research services provider PPD (NASDAQ:PPD) last year.

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