Thermo Fisher to Acquire The Binding Site for $2.6B

Thermo Fisher Scientific has begun a deal to acquire The Binding Site Group, a developer of specialty diagnostics, from Nordic Capital for $2.6 billion (at current exchange rates).
 
The Binding Site will add specialty diagnostic assays for blood cancers and immune system disorders to Thermo Fisher’s portfolio. The Binding Site’s Freelite is widely recommended for multiple myeloma diagnosis and monitoring for all diasease stages by major clinical guideline publications.
 
The company has over 1,100 employees and has been growing 10% annually, on track to accrue over $220 million in revenue this year. The transaction is expected to be completed in the first half of 2023.
 
“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,” Marc N. Casper, chairman, president, and CEO of Thermo Fisher told the press. “The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma. We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher.”
 
Stefan Wolf, CEO of The Binding Site, added, “This announcement marks the beginning of a new and exciting chapter for The Binding Site and is a testament to our team’s singular commitment to improving patient lives through the development and delivery of innovative solutions. The Binding Site has long been at the forefront of medical diagnostics and by joining the world leader in serving science, we will be even better positioned to accelerate scientific discovery and expand our product offering for the benefit of our colleagues, customers and, most importantly, the patients we serve.”