Expands Specialty Diagnostics Segment with Industry Leader in Oncology Testing for Detection and Monitoring of Multiple Myeloma
Complements Existing Specialty Diagnostics Offering with Established Technologies Delivering Strong Clinical Value for Patients in a Rapidly Growing Diagnostics Segment
WALTHAM, Mass.– Thermo Fisher Scientific Inc. (NYSE: TMO) (“Thermo Fisher”), the world leader in serving science, today announced that it has completed its acquisition of The Binding Site Group (“The Binding Site”), a global leader in specialty diagnostics, from a shareholder group led by European private equity firm Nordic Capital, in an all-cash transaction valued at £2.3 billion, or $2.8 billion at current exchange rates. Thermo Fisher announced the agreement to acquire The Binding Site on October 31, 2022.
“We are very excited to welcome The Binding Site colleagues to Thermo Fisher Scientific,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher. “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 Binding Site has more than 1,200 employees globally and will become part of Thermo Fisher’s Specialty Diagnostics segment.
Serving clinicians and laboratory professionals worldwide, The Binding Site provides specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders. The Binding Site’s Freelite® offering is widely recommended for multiple myeloma diagnosis and monitoring across all stages of the disease by major clinical guideline publications.
The transaction is expected to be accretive to adjusted earnings per share by $0.07 in 2023.1