Thermo Fisher Scientific has agreed to acquire speciality diagnostics company The Binding Site Group in a deal valued at $2.6bn cash.

Under the terms of the definitive agreement signed by the companies, Thermo Fisher will acquire the speciality diagnostics company from a shareholder group that is led by European private equity firm Nordic Capital.

UK-based The Binding Site Group is engaged in the research, development, manufacture and distribution of assays that are used to detect cancers and immune disorders.

The company’s Freelite assay has been designed for detecting and monitoring multiple myeloma as well as related diseases.

The assay includes two sensitive and specific immunodiagnostic tests for measuring kappa (κ) and lambda (λ) free light chains.

Thermo Fisher stated that the acquisition of The Binding Site Group expands its Specialty Diagnostics segment with oncology testing for the detection and monitoring of multiple myeloma.

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With technologies for the rapidly growing diagnostics segment, it also complements the company’s existing speciality diagnostics offering.

Thermo Fisher chairman, president and CEO Marc Casper said: “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.

“We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes.”

The deal is subject to customary closing conditions, including regulatory approvals, and is anticipated to be concluded in the first half of next year.

Upon completion of the transaction, Thermo Fisher will operate The Binding Site Group as part of its Specialty Diagnostics business segment.