Thermo Fisher Scientific To Acquire Binding Site Group For 2.25 Bln Pounds Cash

(RTTNews) - Thermo Fisher Scientific Inc. (TMO), a provider of scientific products, said on Monday that it has entered into a deal to buy The Binding Site Group, a British specialty diagnostics firm, from a shareholder group led by Nordic Capital, for 2.25 billion pounds, or $2.6 billion in cash.

Thermo Fisher expects the transaction, scheduled to conclude in the first half of 2023, to add to its adjusted EPS of the Thermo Fisher by $0.07, for the first full year of ownership.

Marc Casper, chief executive officer of Thermo Fisher, 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…"

The Binding Site has been growing around 10 percent annually and is on track to deliver over $220 million in revenue for 2022. The company provides specialty diagnostic assays and instruments to improve the diagnosis and management of blood cancers and immune system disorders.

TMO is trading down by 0.17 percent at $503 per share in pre-market on the New York Stock Exchange.