Thermo Fisher Scientific to Acquire Phadia, a Global Leader in Allergy and Autoimmunity Diagnostics
Thermo Fisher Scientific announced that it has signed a definitive agreement to acquire Phadia, a global leader in allergy and autoimmunity diagnostics, from European private equity firm Cinven, for EUR 2.47 billion (or approximately $3.5 billion) in cash. The transaction, which is expected to be completed in the fourth quarter of 2011, is expected to be immediately accretive to Thermo Fisher's adjusted earnings per share1 and accretive by $0.26 to $0.30 per share in 2012.
Based in Uppsala, Sweden, Phadia develops, manufactures and markets complete blood-test systems to support the clinical diagnosis and monitoring of allergy and autoimmune diseases. Since its founding in 1967, Phadia has been a pioneer in bringing new allergy diagnostic tests to market, and is the global leader for in vitro allergy diagnostics and a European leader in autoimmunity diagnostics. Phadia operates through two leading brands: ImmunoCAP(R) for allergy tests and EliA(TM) for autoimmunity tests. The company had 2010 total sales of EUR 367 million (or approximately $525 million), representing a three-year compounded annual growth rate of 10% on a constant currency basis. Phadia will be part of Thermo Fisher's Specialty Diagnostics business within its Analytical Technologies Segment. Phadia has approximately 1,500 employees globally.
"The acquisition of Phadia is a major step forward in our strategy to enhance Thermo Fisher's global presence in specialty diagnostics, one of our key growth platforms," said Marc N. Casper, president and chief executive officer of Thermo Fisher. "This transaction will provide Thermo Fisher with leading allergy and autoimmunity diagnostic testing technologies that expand our specialty diagnostics offerings. From a market perspective, Phadia has significant growth opportunities in the large, under-penetrated U.S. market, and can leverage our strong presence in emerging geographies to further accelerate growth. This transaction is another great example of our acquisition strategy to strengthen our position in growing markets, expand our customer offerings and create value for our shareholders."
"Thermo Fisher brings Phadia a significant opportunity to grow as part of the world leader in serving science," said Magnus Lundberg, Phadia's chief executive officer. "We share a culture of innovation and a strong focus on customers, and I am confident that this is a winning combination for our employees and customers around the world."
Casper continued, "We look forward to welcoming Phadia's talented employees to the Thermo Fisher team. Together, we will offer our customers a wider range of leading technologies to improve diagnostics, further supporting our mission of enabling our customers to make the world healthier, cleaner and safer."
Source: Thermo Fisher Scientific