Thermo Fisher Scientific Inc. has announced that it has entered into a definitive agreement to acquire The Binding Site Group, a global leader in specialty diagnostics. The all-cash transaction is valued at $2.6 billion.
The U.K.-based Binding Site Group provides research, development, manufacturing, and distribution of innovative tests used for the detection of cancers and immune disorders. It makes assays (investigative procedures) and instruments to improve the diagnosis and management of blood cancers, in particular. Its Freelite assay is used widely for diagnosing and monitoring multiple myeloma.
As patient care has trended toward early detection, The Binding Site Group is part of a fast-growing segment of the industry. Its business has been growing 10% annually and is on track to deliver more than $220 million in revenue in 2022.
“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,” Marc N. Casper, Chairman, President, and Chief Executive Officer of Thermo Fisher, said in a statement.
Thermo Fisher will buy the company from a shareholder group led by European private equity firm Nordic Capital.
“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,” Binding Site CEO Stefan Wolf said in a statement.
The deal is expected to wrap up in the first half of 2023 and is subject to customary closing conditions. The Binding Site will become part of Thermo Fisher’s Specialty Diagnostics division.
Thermo Fisher has annual revenues of about $40 billion. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD.
