Thermo Fisher Scientific announced Thursday morning that it will acquire CorEvitas from Audax Private Equity for $912 million. 

Founded more than two decades ago, CorEvitas provides regulatory-grade, real-world evidence and data intelligence to biopharma companies. CorEvitas currently manages 12 registries, including nine autoimmune and inflammatory syndicated registries.

The deal is expected to be completed by the end of the year pending customary closing conditions and regulatory approvals. 

For this year, CorEvitas is expected to produce organic revenue growth in the low double digits, with expected revenue reaching $110 million. Thermo Fisher expects the deal to be immediately accretive to its adjusted earnings per share (EPS) by $0.03 in 2024.

Thermo Fisher CEO Marc N. Casper said the acquisition of CorEvitas will advance the company’s ability to serve its pharma and biotech customers and is “highly complementary” to PPD, its clinical research business.

“There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development,” Casper said in a statement. “As the trusted partner, we continue to further differentiate our capabilities to help our customers accelerate innovation and drive productivity. We look forward to welcoming CorEvitas to Thermo Fisher.”

This transaction is the latest major dealmaking to emerge from Thermo Fisher in recent months.

In late October, the company announced that it would purchase The Binding Site Group, a European diagnostics firm, from private equity firm Nordic Capital for $2.6 billion. The move was made in order to bolster its Specialty Diagnostics segment and is expected to be accretive to its adjusted EPS by $0.07 during the first year of ownership.

The acquisition also comes less than three weeks before Thermo Fisher releases its Q2 earnings report and holds an accompanying conference call. 

In its Q1 earnings report released this spring, Thermo Fisher reported declines in its adjusted EPS and revenue, though the company maintained its full-year outlook.

Thermo Fisher attributed some of the declines to the evolving nature of its COVID-19 testing operations as the emergency phase of the pandemic subsided. Revenue in that category dropped $140 million year-over-year.