Thermo Fisher Sells Its Anatomical Pathology Business

Thermo Fisher Sells Its Anatomical Pathology Business

Shortly before it reported fourth quarter and full-year earnings results, Thermo Fisher Scientific (NYSE: TMO) announced the sale of its anatomical pathology (AP) business for $1.14 billion. The buyer, Tokyo-based PHC Holdings Corporation, is a global healthcare company developing and manufacturing medical equipment and products across diabetes care, diagnostics, life sciences and healthcare information technology. Its consolidated net sales in FY2017 was approximately $1.76 billion. The AP business provides microscope slides, instruments and consumables. It has approximately 1,200 employees at locations in the U.S., Europe and China. The business generates approximately $350 million in... Read More »

PE Firms Team Up to Buy CROs

The contract research organization (CRO) industry continues to consolidate at a rapid pace in response to growing demand from pharmaceutical and biotechnology companies. But pharma and biotech serve as the customers in this industry, not the acquirers. Nearly all the buyers in 2017 are other CRO companies that are seeking scale. Private equity is also joining the party, accounting for the remaining portion of deals, including the largest disclosed deal this year. Last month, INC Research Holdings (NASDAQ: INCR) paid $4.6 billion for inVentiv Health, a CRO that also counts Advent International and Thomas H. Lee Partners as equal equity holders. The firms will retain their stakes following... Read More »

Patheon Bought, Again

There has been a lot of interest in contract research organizations (CROs), contract manufacturing organizations (CMOs) and contract development and manufacturing organizations (CDMOs), especially in the M&A market. Half-way through May 2017, 19 of these deals have been  announced. With 14 deals and $14 billion spent this year, CROs have taken the spotlight. But CDMO deals are picking up pace, accounting for 21% of the 19 deals and $7.3 billion spent this year. Most of that total derives from one deal. On May 15, 2017, Thermo Fisher Scientific, Inc. (NYSE: TMO) acquired Patheon N.V. (NYSE: PTHN), a CDMO focused on active pharmaceutical ingredients (APIs) and finished drug product... Read More »