US-based medical equipment provider Thermo Fisher Scientific is set to acquire Olink Holding, a Sweden-based provider of next-generation proteomics solutions, for $26 per share in cash, or $26 per American Depositary Share (ADS) in cash.
Thermo Fisher will make a tender offer to purchase all the outstanding common shares and all the American Depositary Shares of Olink.
The proposed transaction, which has been approved by the Board of Directors of both companies, values Olink at around $3.1bn, including net cash of around $143m.
The price represents around 74% premium to the last closing price of Olink’s ADS on NASDAQ as of 16 October 2023.
The acquisition is expected to be closed by mid-2024, subject to customary closing conditions, including receipt of regulatory approvals, and completion of the tender offer.
Thermo Fisher intends to fund the transaction using available cash on hand and debt financing.
Thermo Fisher chairman, president, and CEO Marc Casper said: “The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine.
“Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms.
“Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher.”
Based in Sweden, Olink is engaged in providing advanced proteomics discovery and development solutions to biopharmaceutical companies and academic researchers.
It has developed Proximity Extension Assay (PEA) technology, which provides high throughput protein analysis for the qPCR and next-generation sequencing readout systems.
The PEA technology has a very strong adoption, with a library of more than 5,300 validated protein biomarker targets and more than 1,400 scientific publications.
Upon closing of the transaction, Olink will become part of Thermo Fisher’s Life Sciences Solutions business segment.
Cravath Swaine & Moore and Advokatfirman Vinge served as legal counsel to Thermo Fisher.
JP Morgan Securities served as lead financial advisor, Goldman Sachs Bank Europe, Sweden Bankfilial as financial advisor and Baker & McKenzie as legal counsel to Olink on the transaction.
Olink CEO Jon Heimer said: “Olink is dedicated to improving the understanding of human biology by accelerating the use of next-generation proteomics and providing industry-leading data quality at unprecedented scale.
“Thermo Fisher’s deep life sciences expertise, global reach and proven operational excellence will enable significant opportunities for both customers and colleagues, while also providing immediate value to our shareholders.”
