Thermo Fisher completes $13.6bn Life Tech acquisition

5 February 2014 (Last Updated February 5th, 2014 01:00)

Thermo Fisher Scientific has completed its acquisition of Life Technologies, a life sciences company, for approximately $13.6bn and the assumption of $1.5bn in net debt.

THERMO FISHER

Thermo Fisher Scientific has completed its acquisition of Life Technologies, a life sciences company, for approximately $13.6bn and the assumption of $1.5bn in net debt.

The completion of this deal comes after the US Federal Trade Commission cleared the deal with the condition that Thermo Fisher sell certain assets related to siRNA reagents, cell culture media, and cell culture sera to GE Healthcare for $1.06bn.

The company anticipates that this acquisition will create enhanced scale and depth of capabilities for customers working in research, specialty diagnostics and applied markets.

With the acquisition of Life Technologies, Thermo Fisher has established a new reporting segment, called Life Sciences Solutions.

Life Tech COO Mark Stevenson has been named an executive vice-president and president of Life Sciences Solutions.

Thermo Fisher also said that effective from 1 January 2014, the company will begin reporting financial performance for four new business segments: Life Sciences Solutions; Laboratory Products and Services; Analytical Instruments; and Specialty Diagnostics.

"Our complementary strengths in biosciences and bioprocessing will accelerate drug discovery, development and production."

In April 2013, the two companies signed the acquisition agreement. Thermo Fisher paid $76.13 in cash for each share of fully diluted common stock of Life Tech.

Thermo Fisher Scientific president and CEO Marc N Casper said: "Our combined offering provides cutting-edge technologies, such as genomics and proteomics, to accelerate life sciences research and improve human health.

"And our complementary strengths in biosciences and bioprocessing will accelerate drug discovery, development and production."

Life Technologies has an expansive commercial presence and global footprint as well, with more than 10,000 employees serving its customers around the world. Its technologies are protected by approximately 5,000 patents and licences.


Image: Thermo Fisher Scientific headquarters in Waltham. Photo: courtesy of Coolcaesar.