Thermo Fisher Scientific has completed the sale of its Anatomical Pathology business to Japanese company PHC Holdings (PHCHD) in a deal valued at approximately $1.14bn in cash.

The Anatomical Pathology business, which was part of Thermo Fisher’s Specialty Diagnostics Segment, generated around $350m in annual revenue.

Thermo Fisher signed a definitive agreement in January to divest its Anatomical Pathology business to the healthcare company PHC Holdings.

The Anatomical Pathology business will operate as a new stand-alone company named Epredia.

The new entity will continue to serve as a global comprehensive solutions provider in the anatomical pathology field, including microscope slides, instruments and consumables.

PHCHD president and CEO Michael Kloss said: “This acquisition is important for the PHCHD group, as we see significant growth potential in this business and opportunities for synergies with our existing business segments.

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“Across the world there is an increase in the need for cancer diagnostics, due to the rising incidence of cancers and greater demand for diagnostic examination in the emerging markets.”

The company will be able to bolster its diagnostics business by expanding its portfolio into oncology following the acquisition of the Epredia business from Thermo Fisher.

This will help PHCHD to support further business growth.

Epredia president James Post said: “Although we have a new name, our mission remains the same: to improve lives by enhancing cancer diagnostics for patients around the world.

“We are excited to now be Epredia, powered by the key brands our customers have come to appreciate for their excellence and precision, such as Erie, Menzel, Microm, Shandon, and Richard Allan.”