Thermo Fisher Scientific has agreed to acquire The Binding Site Group, a UK-based speciality diagnostics company, in an all-cash transaction valued at $2.6bn.
The US-based laboratory instruments manufacturer will acquire The Binding Site from the shareholders of European private equity firm Nordic Capital.
The Binding Site is a specialist diagnostics company engaged in the research, development, manufacturing, and distribution of tests used for the detection of cancers and immune disorders.
The acquisition is expected to be completed in the first half of 2023, subject to customary closing conditions, including regulatory approvals.
Upon completion, Thermo Fisher will operate The Binding Site as part of its Specialty Diagnostics business segment.
Thermo Fisher chairman, president and chief executive officer Marc N Casper said: “This transaction perfectly aligns with our Mission and is an exciting addition to our existing speciality diagnostic offerings.
“With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our speciality diagnostics portfolio.
“The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher.”
The Binding Site offers speciality diagnostic assays and instruments to help improve the diagnosis and management of blood cancers and immune system disorders.
Its Freelite assay is designed to facilitate the diagnosis and monitoring of multiple myeloma across all stages of the disease.
The assay includes two sensitive and specific immunodiagnostic tests to measure kappa (κ) and lambda (λ) free light chains.
The Binding Site has more than 1,100 employees worldwide and is an active and influential contributor to the broader scientific community.
The company’s business is said to be growing around 10% annually and is anticipated to deliver more than $220m of revenue this year.
The Binding Site chief executive officer Stefan Wolf said: “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.
“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.”
