Thermo Fisher Scientific Inc. announced its acquisition of The Binding Site Group, a global specialist protein diagnostics company, from a shareholder group led by European private equity firm Nordic Capital, in an all-cash transaction valued at £2.25 billion, or $2.6 billion at current exchange rates.
The transaction is expected to be completed in the first half of 2023. The Binding Site will become part of Thermo Fisher’s Specialty Diagnostics segment and is expected to be accretive to adjusted earnings per share by $0.07 for the first full year of ownership.
The Binding Site specializes in the research, development, manufacture and distribution of tests used for the detection of cancers and immune disorders. The company is headquartered in Birmingham, United Kingdom and has a direct presence in more than 23 countries, employing more than 1,100 people worldwide. The company expects to deliver more than $220 million of revenue in 2022.
Thermo Fisher provides analytical instruments, equipment, reagents, software and services for research, manufacturing, analysis, discovery and diagnostics worldwide. Based in Waltham, Massachusetts, Thermo Fisher was formed through the merger of Thermo Electron and Fisher Scientific in 2006.
According to the LevinPro HC database, this marks the 108th transaction in the Laboratories, MRI and Dialysis sector this year, and the 60th deal in the diagnosis subsector. This also marks Thermo Fisher’s second acquisition of the year. The company previously acquired PeproTech, a privately held provider of bioscience reagents, in January for $1.85 billion.
