Skip to main content
Premium Trial:

Request an Annual Quote

Thermo Fisher Establishes Credit Facilities of $3B to Finance Phadia Purchase

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Thermo Fisher Scientific disclosed after the close of the market on Wednesday that it has entered into a bridge credit agreement and a revolving credit agreement.

The bridge credit agreement is a 364-day unsecured committed bridge facility in the principal amount of $2 billion. Proceeds may be used by Thermo Fisher to fund in whole or in part its $3.5 billion planned purchase of allergy and autoimmunity diagnostics firm Phadia, Thermo Fisher said in a document filed with the US Securities and Exchange Commission.

The initial lenders include Barclays Bank; Bank of America; JP Morgan Chase Bank; Deutsche Bank Cayman Islands Branch; The Royal Branch of Scotland; BNP Paribas; The Bank of Tokyo – Mitsubishi UFJ; Goldman Sachs Bank; and HSBC Bank.

Barclays Capital is acting as sole lead arranger and sole bookrunner, while Bank of America is the syndication agent. Deutsche Bank Securities, JP Morgan Securities, and The Royal Bank of Scotland are documentation agents.

Thermo Fisher also entered into a 364-day unsecured revolving credit facility in the principal amount of up to $1 billion. Proceeds will also be used to fund, wholly or in part, the company's acquisition of Phadia.

Initial lenders on the revolving credit facility are the same as for the bridge credit facility except for one exception. In the revolving credit facility, Deutsche Bank New York Branch replaces Deutsche Bank Cayman Islands Branch.

Barclays Capital and Merrill Lynch, Pierce, Fenner & Smith are joint lead arrangers and Barclays Capital is the sole bookrunner. Bank of America is the syndication agent, and Deutsche Bank Securities, JP Morgan Securities, and The Royal Bank of Scotland are documentation agents.

Thermo Fisher had said at the time it announced the acquisition that it would pay for the acquisition with approximately $500 million in cash on hand and around $3 billion in debt financing from Barclay's Capital. It expects to complete the deal in the fourth quarter of this year.

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more