NEW YORK – Thermo Fisher Scientific said on Monday that it has reached a definitive agreement to acquire The Binding Site Group, a UK-based specialty diagnostics company, for £2.25 billion ($2.60 billion) in cash.
Headquartered in Birmingham, The Binding Site, which has more than 1,100 global employees, provides specialty diagnostic assays and instruments for blood cancers and immune system disorders. The company’s Freelite product is recommended for multiple myeloma diagnosis and monitoring across all stages of the disease by major clinical guideline publications, according to Thermo Fisher.
The Binding Site has an “attractive financial profile,” Thermo Fisher said. Its business has been growing approximately 10 percent annually and is on track to deliver more than $220 million in revenues in 2022.
"This transaction perfectly aligns with our mission and is an exciting addition to our existing specialty diagnostics offerings," Thermo Fisher CEO, Chairman, and President Marc Casper said in a statement, adding that the company "is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma."
"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," Stefan Wolf, CEO of The Binding Site, added.
Thermo Fisher said the transaction is expected to be completed in the first half of 2023, subject to customary closing conditions, including regulatory approvals. Once acquired, The Binding Site will become part of Thermo Fisher's specialty diagnostics segment and is expected to be accretive to adjusted earnings per share by $.07 for the first full year of ownership.