Thermo Fisher to acquire Phadia for €2.47bn (US$3.5bn)
A specialist in allergy and autoimmunity diagnostics
Thermo Fisher Scientific has agreed to buy Swedish allergy and autoimmunity diagnostics specialist Phadia from European private equity firm Cinven, for €2.47bn (approximately US$3.5bn).
The transaction will enhance Thermo Fisher's position in high growth, high margin speciality diagnostics.
Based in Uppsala, Phadia manufactures blood-test systems to support the clinical diagnosis and monitoring of allergy and autoimmune diseases. The firm is a pioneer in allergy diagnostic tests and a global leader for in vitro allergy diagnostics and a European leader in autoimmunity diagnostics. Phadia has two main brands: ImmunoCAP for allergy tests and EliA for autoimmunity tests and had sales in 2010 of €367m (US$525m).
Phadia will become part of Thermo Fisher's Specialty Diagnostics business within the Analytical Technologies Segment. Phadia has approximately 1,500 employees globally.
Marc Casper, president and chief executive of Thermo Fisher said Phadia would add to the company’s speciality diagnostics offering.
‘From a market perspective, Phadia has significant growth opportunities in the large, under-penetrated US market, and can leverage our strong presence in emerging geographies to further accelerate growth,’ he said.
The transaction is expected to generate a total of US$35m of cost and revenue synergies in 2014, with US$10m generated in 2012.
