|Thermo Fisher shares hit all-time high on Phadia acquisition|
|By Staff and Wire Reports|
|Thursday, 19 May 2011 18:59|
Investors pushed shares of Thermo Fisher Scientific Inc. (NYSE:TMO) higher today after the laboratory equipment maker announced that it will acquire Phadia, a global leader in allergy and autoimmunity diagnostics, from European private equity firm Cinven, for approximately $3.5 billion in cash. The transaction, which is expected to be completed in the fourth quarter of 2011, is expected to be immediately accretive to Thermo Fisher’s adjusted earnings per share and accretive by $0.26 to $0.30 per share in 2012.
Sweden based Phadia develops, manufactures and markets complete blood-test systems to support the clinical diagnosis and monitoring of allergy and autoimmune diseases. Founded in 1967, Phadia has been a pioneer in bringing new allergy diagnostic tests to market, and is the global leader for in vitro allergy diagnostics and a European leader in autoimmunity diagnostics.
“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,” said Marc N. Casper, president and chief executive officer of Thermo Fisher. “This transaction will provide Thermo Fisher with leading allergy and autoimmunity diagnostic testing technologies that expand our specialty diagnostics offerings. From a market perspective, Phadia has significant growth opportunities in the large, under-penetrated U.S. market, and can leverage our strong presence in emerging geographies to further accelerate growth. 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.”
On Monday, Thermo completed its $2.1 billion acquisition of Dionex Corp, a provider of chromatography instruments, software and services.
Shares of Thermo Fisher gained $2.64 or 4.21% to $65.38.
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