Thermo Fisher Scientific announced Monday morning that it is purchasing The Binding Site Group, a European diagnostics firm for $2.6 billion.
The company is acquiring the Binding Site, including its lead product offering Freelite for multiple myeloma diagnosis, from private equity firm Nordic Capital.
The all-cash deal is set to close in the first half of 2023, at which point the Binding Site will become part of Thermo Fisher Scientific’s Specialty Diagnostics segment. Thermo Fisher Scientific also said it expects the transaction to be accretive to adjusted earnings per share by $0.07 during the first full year of ownership.
Based in the U.K., the Binding Site has more than 1,100 employees and said it is on track to generate $220 million in revenues this year.
Thermo Fisher Scientific unveiled news of the deal less than a week after releasing its Q3 earnings report. The Specialty Diagnostics division accounted for 10% of the company’s overall revenues, generating just over $1 billion during the quarter.
Thermo Fisher Scientific CEO Marc Casper said the Binding Site acquisition is an “exciting addition” to the company’s existing specialty diagnostic offerings, especially for cancer screenings.
“The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma,” Casper said in a statement. “We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. 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.”