Thermo Fisher Scientific Completes Acquisition of The Binding Site Group
January 03 2023 - 7:08AM
Business Wire
Expands Specialty Diagnostics Segment with
Industry Leader in Oncology Testing for Detection and Monitoring of
Multiple Myeloma
Complements Existing Specialty Diagnostics
Offering with Established Technologies Delivering Strong Clinical
Value for Patients in a Rapidly Growing Diagnostics Segment
Thermo Fisher Scientific Inc. (NYSE: TMO) (“Thermo Fisher”), the
world leader in serving science, today announced that it has
completed its acquisition of The Binding Site Group (“The Binding
Site”), a global leader in specialty diagnostics, from a
shareholder group led by European private equity firm Nordic
Capital, in an all-cash transaction valued at £2.3 billion, or $2.8
billion at current exchange rates. Thermo Fisher announced the
agreement to acquire The Binding Site on October 31, 2022.
“We are very excited to welcome The Binding Site colleagues to
Thermo Fisher Scientific,” said Marc N. Casper, chairman, president
and chief executive officer of Thermo Fisher. “The Binding Site
expands our existing specialty diagnostics portfolio with the
addition of pioneering innovation in diagnostics and monitoring for
multiple myeloma. Early diagnosis and well-informed treatment
decisions can make a significant difference in patient outcomes,
and we are excited by the opportunity to enable further
advancements in this area for the benefit of patients.”
The Binding Site has more than 1,200 employees globally and will
become part of Thermo Fisher's Specialty Diagnostics segment.
Serving clinicians and laboratory professionals worldwide, The
Binding Site provides specialty diagnostic assays and instruments
to improve the diagnosis and management of blood cancers and immune
system disorders. The Binding Site’s Freelite® offering is widely
recommended for multiple myeloma diagnosis and monitoring across
all stages of the disease by major clinical guideline
publications.
The transaction is expected to be accretive to adjusted earnings
per share by $0.07 in 2023.1
About Thermo Fisher Scientific Thermo Fisher Scientific
Inc. is the world leader in serving science, with annual revenue of
approximately $40 billion. Our Mission is to enable our customers
to make the world healthier, cleaner and safer. Whether our
customers are accelerating life sciences research, solving complex
analytical challenges, increasing productivity in their
laboratories, improving patient health through diagnostics or the
development and manufacture of life-changing therapies, we are here
to support them. Our global team delivers an unrivaled combination
of innovative technologies, purchasing convenience and
pharmaceutical services through our industry-leading brands,
including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher
Scientific, Unity Lab Services, Patheon and PPD. For more
information, please visit www.thermofisher.com.
Forward-Looking Statements This communication contains
forward-looking statements that involve a number of risks and
uncertainties. Words such as "believes," "anticipates," "plans,"
"expects," "seeks," "estimates," and similar expressions are
intended to identify forward-looking statements, but other
statements that are not historical facts may also be deemed to be
forward-looking statements. Important factors that could cause
actual results to differ materially from those indicated by
forward-looking statements include risks and uncertainties relating
to: the duration and severity of the COVID-19 pandemic; any natural
disaster, public health crisis or other catastrophic event; the
need to develop new products and adapt to significant technological
change; implementation of strategies for improving growth; general
economic conditions and related uncertainties; dependence on
customers' capital spending policies and government funding
policies; the effect of economic and political conditions and
exchange rate fluctuations on international operations; use and
protection of intellectual property; the effect of changes in
governmental regulations; and the effect of laws and regulations
governing government contracts, as well as the possibility that
expected benefits related to recent or pending acquisitions,
including the acquisition of The Binding Site Group, may not
materialize as expected; The Binding Site Group’s business
experiencing disruptions as a result of the acquisition or due to
transaction-related uncertainty or other factors making it more
difficult to maintain relationships with employees, customers,
other business partners or governmental entities; difficulty
retaining key employees; and the parties being unable to
successfully implement integration strategies or to achieve
expected synergies and operating efficiencies within the expected
time-frames or at all. Additional important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements are set forth in Thermo Fisher's
most recent annual report on Form 10-K and subsequent quarterly
reports on Form 10-Q, which are on file with the U.S. Securities
and Exchange Commission ("SEC") and available in the "Investors"
section of Thermo Fisher's website, ir.thermofisher.com, under the
heading "SEC Filings". While Thermo Fisher may elect to update
forward-looking statements at some point in the future, Thermo
Fisher specifically disclaims any obligation to do so, even if
estimates change and, therefore, you should not rely on these
forward-looking statements as representing Thermo Fisher’s views as
of any date subsequent to today.
Use of Non-GAAP Financial Measures In addition to the
financial measures prepared in accordance with generally accepted
accounting principles (GAAP), Thermo Fisher uses certain non-GAAP
financial measures, including adjusted EPS, which excludes certain
acquisition-related costs, including charges for the sale of
inventories revalued at the date of acquisition and significant
transaction costs; restructuring and other costs/income;
amortization of acquisition-related intangible assets; certain
other gains and losses that are either isolated or cannot be
expected to occur again with any regularity or predictability, tax
provisions/benefits related to the previous items, benefits from
tax credit carryforwards, the impact of significant tax audits or
events, equity in earnings of unconsolidated entities and the
results of discontinued operations. Thermo Fisher excludes the
above items because they are outside of the company's normal
operations and/or, in certain cases, are difficult to forecast
accurately for future periods. Thermo Fisher believes that the use
of non-GAAP measures helps investors to gain a better understanding
of the company's core operating results and future prospects,
consistent with how management measures and forecasts the company's
performance, especially when comparing such results to previous
periods or forecasts.
1 Adjusted earnings per share is a non-GAAP measure that
excludes certain items detailed later in this press release under
the heading "Use of Non-GAAP Financial Measures."
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version on businesswire.com: https://www.businesswire.com/news/home/20230103005171/en/
Media Contact: Sandy Pound Phone: 781-622-1223 E-mail:
sandy.pound@thermofisher.com Investor Contact: Rafael Tejada Phone:
781-622-1356 E-mail: rafael.tejada@thermofisher.com
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