WALTHAM, Mass. and CAMBRIDGE, Mass., March
24, 2019 /PRNewswire/ -- Thermo Fisher Scientific Inc.
(NYSE: TMO), the world leader in serving science, and Brammer Bio,
a leader in viral vector manufacturing for gene and cell therapies,
today announced they have entered into a definitive agreement under
which Thermo Fisher will acquire
Brammer Bio for approximately $1.7
billion in cash.
Brammer Bio is a leading viral vector contract development
and manufacturing organization (CDMO), enabling biopharma customers
to deliver breakthrough medicines to patients by unleashing the
potential of gene therapies and gene-modified cell therapies. The
business has nearly 600 employees at primary locations in
Massachusetts and Florida.
Brammer Bio is on track to deliver $250
million of revenue in 2019 and expects to continue to exceed
the projected market growth rate of 25 percent over the mid-term.
Thermo Fisher expects the business
to be accretive to adjusted earnings per share by $0.10 in the first full year of ownership.
"Brammer Bio will be an exciting addition to our pharma
services business and will further strengthen Thermo Fisher's leadership in serving pharma and
biotech customers," said Marc N.
Casper, president and chief executive officer of Thermo
Fisher Scientific. "Gene therapy is an area of increasing focus for
our customers and is fast-evolving given its potential to treat a
range of genetic disorders. The combination of Brammer Bio's viral
vector capabilities with our GMP production expertise and
proprietary bioprocessing and cell culture technologies uniquely
positions us to partner with our customers to drive the evolution
of this incredibly fast-growing market. The transaction is
perfectly aligned with our Mission to enable our customers to make
the world healthier, cleaner and safer."
Speaking on behalf of Brammer Bio, co-founders Mark Bamforth, president and chief executive
officer, and Dr. Richard Snyder,
chief scientific officer, commented, "We are proud to be pioneers
in process development and manufacturing of viral vectors. Brammer
Bio has executed more than 100 projects to supply first-in-human
gene therapy clinical trials and establish commercial-ready
processes, and we're excited to join Thermo
Fisher to take our business to the next level. Our teams
share a commitment to helping our customers succeed in delivering
cutting-edge therapies to patients in need."
Michel Lagarde, president of
Thermo Fisher's pharma services
business, added, "By leveraging our combined capabilities, along
with our commercial scale and customer relationships, we will
strengthen our position as a trusted partner to pharma and biotech.
We look forward to welcoming the Brammer Bio team to our company
and working together to make more life-saving
treatments available to patients."
The transaction, which is expected to be completed by the end of
the second quarter of 2019, is subject to customary closing
conditions, including regulatory approvals. Upon completion,
Brammer Bio will become part of Thermo
Fisher's pharma services business within its Laboratory
Products and Services Segment.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving
science, with revenues of more than $24
billion and approximately 70,000 employees globally. Our
mission is to enable our customers to make the world healthier,
cleaner and safer. We help our customers accelerate life sciences
research, solve complex analytical challenges, improve patient
diagnostics, deliver medicines to market and increase laboratory
productivity. Through our premier brands – Thermo Scientific,
Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab
Services – we offer an unmatched combination of innovative
technologies, purchasing convenience and comprehensive services.
For more information, please visit www.thermofisher.com.
About Brammer Bio
Brammer Bio provides clinical and commercial supply of vectors
for in vivo gene therapy and ex vivo gene-modified cell therapy,
along with process and analytical development, and regulatory
support, enabling large pharma and biotech clients to accelerate
the delivery of novel medicines to improve patients' health.
Brammer is Helping to Cure®. Brammer is owned by
Ampersand Capital Partners, the only institutional investor in the
company, and its founders. For more information, please visit
www.brammerbio.com.
About Ampersand Capital Partners
Founded in 1988, Ampersand is a middle market private equity
firm dedicated to growth-oriented investments in the healthcare
sector. With offices in Boston and Amsterdam, Ampersand leverages its unique
blend of private equity and operating experience to build value and
drive superior long-term performance alongside its portfolio
company management teams. Ampersand has helped build numerous
market-leading companies across each of its core healthcare
sectors. Additional information about Ampersand is available at
www.ampersandcapital.com.
Forward Looking Statements
The following constitutes a "Safe Harbor" statement under the
Private Securities Litigation Reform Act of 1995: This press
release contains forward-looking statements that involve a number
of risks and uncertainties. Important factors that could cause
actual results to differ materially from those indicated by
forward-looking statements include risks and uncertainties relating
to: 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 our acquisition of Brammer Bio or
other recent or pending acquisitions may not materialize as
expected. Additional important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements are set forth in our Annual Report on
Form 10-K for the year ended December
31, 2018, which is on file with the SEC and
available in the "Investors" section of our website under the
heading "SEC Filings." While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so, even if estimates change and, therefore,
you should not rely on these forward-looking statements as
representing our views as of any date subsequent to
today.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
generally accepted accounting principles (GAAP), we use certain
non-GAAP financial measures, including adjusted EPS, which excludes
certain items that are outside of our normal operations and/or, in
certain cases, are difficult to forecast accurately for future
periods. We believe that the use of non-GAAP measures helps
investors to gain a better understanding of our 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.
The non-GAAP financial measure included in this press release is
not meant to be considered superior to or a substitute for the
comparable GAAP measure. Thermo
Fisher does not provide GAAP financial measures on a
forward-looking basis because we are unable to predict with
reasonable certainty and without unreasonable effort items such as
the timing and amount of future restructuring actions and
acquisition-related charges as well as gains or losses from sales
of real estate and businesses, the early retirement of debt and the
outcome of legal proceedings. The timing and amount of these items
are uncertain and could be material to Thermo Fisher's results computed in accordance
with GAAP.
Media Contact Information:
Karen Kirkwood
Phone: 781-622-1306
E-mail: karen.kirkwood@thermofisher.com
Website: www.thermofisher.com
Investor Contact Information:
Ken Apicerno
Phone: 781-622-1294
E-mail: ken.apicerno@thermofisher.com
For Brammer Bio:
Erin Morton
Phone: 352-519-8351
E-mail: erin.morton@brammerbio.com
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SOURCE Thermo Fisher Scientific