Thermo Fisher Scientific announced that it sold its microbiology business to Astorg, a private equity group.
Astorg is buying the business for consideration of approximately $1.075 billion, consisting of cash and a $50 million seller note.
The microbiology business provides antimicrobial susceptibility testing and culture media solutions for clinical, pharmaceutical and food safety testing. The business generated $645 million in revenue in 2025 and is part of Thermo Fisher’s Specialty Diagnostics segment.
Astorg is a global private equity firm with €15 billion ($15.8 billion USD) of assets under management. Astorg seeks to acquire market-leading global companies headquartered in Western Europe and North America.
For Thermo Fisher, Cravath, Swaine & Moore LLP is serving as principal deal counsel, Axinn, Veltrop & Harkrider LLP as regulatory counsel, Hogan Lovells as ex-U.S. counsel, and Perella Weinberg Partners and Wells Fargo as financial advisors. For Astorg, Evercore and Moelis are serving as financial advisors and Latham & Watkins as legal counsel.
According to data in the LevinPro HC database, this transaction represents the 34th Laboratories, MRI and Dialysis (Labs) transactions reported since the start of 2026, and the 20th in the diagnostic specialty. There were 72 diagnostic transactions announced throughout 2025.
