Thermo Fisher (NYSE:TMO) said yesterday it inked a deal to pick up Becton Dickinson‘s (NYSE:BDX) Advanced Bioprocessing business for an undisclosed amount.
The divested assets include a technical services program with a variety of peptones intended to enhance cell culture media formulations to improve yield and reduce variability in biopharmaceutical applications, Thermo Fisher said.
The Advanced Bioprocessing unit has annualized revenue of approximately $100 million, and will be integrated into Thermo Fisher’s life sciences solutions segment, the Waltham, Mass.-based company said.
“Thermo Fisher has a trusted value proposition for customers who are working in biologic drug development and manufacturing. The addition of these new capabilities will complement our bioproduction offering and strengthen our ability to serve this rapidly growing market, from development to large-scale production,” Thermo Fisher exec VP and COO Mark Stevenson said in a prepared statement.
The deal is expected to close early next year, Thermo Fisher said.
“We are excited that our Advanced Bioprocessing team will have the opportunity to join a company with deep expertise and a long-standing commitment to supporting biopharmaceutical production. It will create new prospects, building on a 25-year history of ensuring that high-quality biopharmaceuticals get to the market quickly,” BD life sciences prez Patrick Kaltenbach said in a press release.
Today, Thermo Fisher also said its board of directors authorized a $2 billion share repurchasing transaction, which follows a previous $1.5 billion share repurchasing plan approved in July 2016, according to a press release.
Last month, Becton Dickinson saw shares fall despite the medical device maker beating expectations on Wall Street with its fiscal year 2018 third quarter earnings results.
