Thermo Fisher Scientific Inc.’s (NYSE:TMO) spending spree continued this week as the company announced plans to drop $3.5 billion in cash for Phadia, a Swedish blood test maker.
The all-cash deal, which is expect to close in the fourth quarter of 2011, 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.
Officials at the Waltham, Mass.-based laboratory equipment giant said they expect the acquisition to immediately add between $0.26 and $0.30 per share to their bottom line in 2012. Phadia reported 2010 sales of about $525 million and has around 1,500 employees.
The transaction is expected to close during the fourth quarter of this year, according to the release. Thermo Fisher stock is up more than 4 percent from yesterday’s close of $62.74 per share.