Thermo Fisher Scientific (NYSE:TMO) announced today that it entered into a definitive agreement to acquire The Binding Site Group.
The Binding Site develops specialty diagnostic assays and instruments. It designs its technology to improve the diagnosis and management of blood cancers and immune system disorders. The Binding Site’s Freelite offering aids in multiple myeloma diagnosis and monitoring.
Waltham, Massachusetts-based Thermo Fisher agreed to acquire The Binding Site from a shareholder group led by European private equity firm Nordic Capital. It values the all-cash transaction at $2.6 billion (£2.25 billion).
Birmingham, U.K.–based The Binding Site has a workforce of more than 1,100 around the globe. It remains on track to deliver more than $220 million in revenue in 2022.
‘An exciting addition’
“This transaction perfectly aligns with our mission and is an exciting addition to our existing specialty diagnostic offerings. With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio,” said Marc N. Casper, chair, president and CEO of Thermo Fisher. “The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma.
Casper added that the company is “excited by the opportunity” to enable further innovation in multiple myeloma detection.
Thermo Fisher expects to complete the transaction in the first half of 2023. However, it remains subject to customary closing conditions, including regulatory approvals.
Upon completion, Thermo Fisher plans to bring The Binding Site in as part of its specialty diagnostics segment. The company anticipates the acquisition to be accretive to adjusted earnings per share by 7¢ for the first full year of ownership.
“This announcement marks the beginning of a new and exciting chapter for The Binding Site and is a testament to our team’s singular commitment to improving patient lives through the development and delivery of innovative solutions,” said The Binding Site CEO Stefan Wolf. “The Binding Site has long been at the forefront of medical diagnostics, and by joining the world leader in serving science, we will be even better positioned to accelerate scientific discovery and expand our product offering for the benefit of our colleagues, customers and, most importantly, the patients we serve.”