MASSDEVICE ON CALL — The European Commission in Brussels cleared Thermo Fisher Scientific Inc.’s (NYSE:TMO) $3.5 billion cash buyout of Swedish blood test maker Phadia, finding that "the transaction would not raise competition concerns."
"After investigating the proposed transaction, the Commission determined that the parties are not close competitors and are currently primarily constrained by other competitors, which would continue to constrain the merged entity," according to a press release.
The acquisition, which was first announced in May, gives Thermo Fisher expanded reach in specialty diagnostics. Phadia supplies more than 70 percent of the world’s allergy laboratory tests and 40 percent of autoimmunity tests, according to a prepared release.
Phadia’s 1,500 global employees and approximately $525 million in revenue will be folded into Thermo Fisher’s specialty diagnostics unit.
In its quarterly earnings report, Thermo Fisher increased prior estimates for Phadia’s contribution to its bottom line, predicting a 7 cent bump for fiscal year 2011’s adjusted earnings per share from the merger. The Waltham, Mass.-based company also upped its full year adjusted EPS guidance to a new range of $4.15 to $4.25, which amounts to between 20 percent and 23 percent EPS growth compared to FY 2010.
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