Thermo Fisher Acquires The Binding Site Group for $2.6 Billion
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... Read More »
Labcorp’s Q3 2022 Earnings Highlights
Laboratory Corporation of America Holdings (Labcorp), an S&P 500 global life sciences company, experienced a decline by nearly every financial metric (i.e. net revenue, gross profit, net earnings, operating income, etc.) and missed earnings estimates for the third quarter. Labcorp’s ‘robust’ acquisition strategy could not offset the impact of significant headwinds, including rising labor costs, labor shortages and other inflationary pressures. A major decrease in COVID-19 PCR and antibody testing sales also contributed to the decline in organic revenues. The reduced guidance for 2022 is indicative of this downward trend continuing into the final quarter of the year. The Burlington,... Read More »
CurveBeam and StraxCorp Close Merger
Medical imaging companies CurveBeam, LLC and StraxCorp, Ltd., announced on October 20 that on Oct. 12, 2022, they completed their previously announced merger. Terms of the deal were not disclosed. According to the LevinPro HC database, this marks the 107th transaction in the Laboratories, MRI and Dialysis sector this year, and the 59th deal in the diagnosis subsector. Under its new name, CurveBeam AI, Ltd., the company expands CurveBeam’s financially viable point-of-care imaging solutions into the bone health space, and springboards AI-driven applications for weight-bearing CT imaging. The companies have been collaborating since 2017. CurveBeam researches, designs and... Read More »
Patients Choice Laboratories acquires Infinity Laboratories
Patients Choice Laboratories (PCL), a leading provider of comprehensive laboratory testing throughout the United States, announced today that it has acquired Infinity Laboratories, LLC located in Bridgeport, Texas for an undisclosed price. According to the LevinPro HC database, this marks the 106th transaction in the Laboratories, MRI and Dialysis sector this year, and the 59th deal in the diagnostics subsector. The acquisition will provide PCL a location in the southern United States to bring their complete suite of testing services to the area. Patients Choice Laboratories plans to begin running tests out of the newly acquired Bridgeport, Texas location in the coming weeks. Founded in... Read More »
DiaCarta to Become a Publicly Listed Company Through Merger with HH&L Acquisition Co.
HH&L Acquisition Co., a publicly traded special purpose acquisition company (SPAC) targeting the healthcare sector in Asia, and DiaCarta, Ltd., a precision molecular diagnostics company and developer of novel oncology and infectious disease tests, announced on October 14 that they have entered into a definitive business combination agreement. The transaction implies a pre-money equity value of $460 million for DiaCarta on a fully diluted basis. The transaction is expected to close in the first quarter of 2021 and will position DiaCarta to capitalize on significant future growth within existing and new markets. Upon closing of the transaction, the combined company will be listed on the... Read More »Schedule a demo
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