Thermo Fisher Announces the Multi-Billion Dollar Acquisition of The Binding Site Group

Thermo Fisher Scientific announced its entrance into a definitive agreement for the acquisition of The Binding Site Group. The purchase from a shareholder group, led by European private equity firm Nordic Capital, is valued at around $2.6 billion. 

Though still subject to certain closing conditions, all parties expect the all cash deal’s completion in early 2023.

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An All Cash Acquisition for $2.6 Billion

Founded in 1983, The Binding Site Group is an United Kingdom centered company focused on providing specialty diagnostic assays and instruments. These tools assist in diagnosing and managing blood cancers and immune system disorders. The Binding Site Group’s clinical offerings enable doctors’ support of millions of patients per year worldwide. 

As a result of their portfolio, The Binding Site Group has seen growth of around 10% anual, with the company anticipating a revenue of $220 million in 2022 alone. 

Due to this clinical value, Thermo Fisher entered talks for the purchasing of the diagnostic group. The acquisition would incorporate The Binding Site Group into Thermo Fisher’s Specialty Diagnostics segment. 

On October 31, Thermo Fisher announced the definitive agreement for the purchasing of The Binding Site Group valued at around £2.25 billion, or $2.6 billion at current exchange rates.

On the acquisition, Marc N. Casper, chairman, president and 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.”

Thermo Fisher and The Binding Site Group expect the completion of the acquisition within the first half of 2023. The deal is subject to customary closing conditions, including regulatory approvals. Once The Binding Site group is integrated into Thermo Fisher’s Specialty Diagnostics segment, after the first full year of ownership, the acquired company will net an adjusted earnings per share by $0.07. 

Author

Max Heirich