Thermo Fisher Scientific, has struck a deal to buy Swedish proteomics firm Olink at a price of $3.1 billion.

Thermo Fisher agreed to pay $26 per common share in cash for the company, 74% of the closing price of Olink’s American Depositary Shares that trade on Nasdaq, before the announcement.

The transaction is set to be completed by 2024, subject to regional customary conditions, and will see Olink integrated into Thermo Fisher’s Life Sciences Solutions segment.

Jon Heimer, CEO of Olink said: “Olink is dedicated to improving the understanding of human biology by accelerating the use of next-generation proteomics and providing industry-leading data quality at unprecedented scale.

“Thermo Fisher’s deep life sciences expertise, global reach and proven operational excellence will enable significant opportunities for both customers and colleagues, while also providing immediate value to our shareholders.”

Thermo Fisher has said that Olink’s portfolio is home to 5,300 validated protein biomarker targets and has seen its work published in 1,400 scientific publications. As part of the deal, Thermo Fisher is also set to acquire the Swedish firm’s facilities in the Americas, Europe and Asia.

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Marc Casper, chairman of Thermo Fisher, added: “The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine.

“Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher.”

Additionally, Thermo Fisher has said that  Olink is on track to deliver over $200 million of revenue in 2024, and will increase the American company’s operating income by $125 million five years following the deal closing.