Thermo Fisher to Buy Binding Site for $2.6 Billion
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 last year .
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.
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 last year.
