Thermo Fisher Scientific plans to acquire allergy- and autoimmunity-diagnostics company Phadia from private equity firm Cinven for €2.47 billion ($3.5 billion), Thermo said this week.

The acquisition, expected to close in the fourth quarter, will expand Thermo Fisher's specialty-diagnostic business. During a conference call discussing the deal, CEO Marc Casper said the buy would increase the division's annual revenues to roughly $1.9 billion from around $1.4 million.

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