Thermo Fisher Scientific (NYSE: TMO), the supplier of scientific instrumentation, announced on Monday that it will acquire The Binding Site Group, a specialty diagnostics company headquartered in Birmingham, UK for $2.6 billion.
Thermo Fisher will acquire Binding Site from a shareholder group led by private equity firm Nordic Capital. Binding Site’s business has been growing by around 10% every year and is on track to deliver revenues in excess of $220 million in 2022.
Marc N. Casper, Chairman, President, and CEO of Thermo Fisher commented, “This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings. With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio.”
In addition, TMO also announced a stock buyback program worth $1 billion through the fourth quarter, bringing the total stock buybacks to $3 billion in 2022.
