In yet another example of the ongoing consolidation of the biotechnology and pharmaceutical industries, Thermo Fisher Scientific said this week it will buy Phadia in a deal worth a reported $3.5 billion.
According to a press release from the companies, the deal will improve efficiency and cut business costs in the long-term. Sweden-based Phadia specializes in the development of blood test systems that monitor and diagnose allergy and autoimmune diseases like arthritis and lupus. The company is one of the biggest providers of the testing systems in the world.
Phadia will be absorbed into Thermo Fisher's Analytical Technologies division and will also help the company to grow its speciality diagnostics offerings, according to Thermo Fisher president Marc N. Casper.
"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," Casper said in a statement. "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."
The deal is expected to close during the fourth quarter of this year.
According to a press release from the companies, the deal will improve efficiency and cut business costs in the long-term. Sweden-based Phadia specializes in the development of blood test systems that monitor and diagnose allergy and autoimmune diseases like arthritis and lupus. The company is one of the biggest providers of the testing systems in the world.
Phadia will be absorbed into Thermo Fisher's Analytical Technologies division and will also help the company to grow its speciality diagnostics offerings, according to Thermo Fisher president Marc N. Casper.
"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," Casper said in a statement. "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."
The deal is expected to close during the fourth quarter of this year.
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