BY Richard Summerfield
European private equity firm Nordic Capital has agreed to sell The Binding Site Group, a global leader in specialty diagnostics, to Thermo Fisher Scientific Inc., in an all-cash transaction valued at $2.6bn.
The transaction, which is expected to be completed in the first half of 2023, is subject to customary closing conditions, including regulatory approvals. Upon completion, The Binding Site will become part of Thermo Fisher’s specialty diagnostics segment and is expected to be accretive to adjusted earnings per share by $0.07 for the first full year of ownership.
The Binding Site, which is headquartered in Birmingham, UK, has more than 1100 employees globally and is an active and influential contributor to the broader scientific community. The company is an established leader in a fast-growing segment in which patient care has shifted toward early diagnosis and monitoring via regular testing. Its business has been growing approximately 10 percent annually and is on track to deliver more than $220m of revenue in 2022.
“This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings,” said Marc N. Casper, chairman, president and chief executive of Thermo Fisher. “With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio. 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.”
“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,” said Stefan Wolf, chief executive of The Binding Site. “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.”
“We are proud to have partnered with The Binding Site,” said Dr Raj Shah, a partner and head of healthcare at Nordic Capital Advisors, and Jonas Agnblad, a partner at Nordic Capital Advisors and a board member of The Binding Site. “Their cutting-edge technology and innovative specialty diagnostic solutions improve millions of patient lives globally. During Nordic Capital’s ownership the company has experienced strong growth and transformation, achieved by a dedicated focus on R&D investment, commercial focus and global expansion. We are grateful to The Binding Site team, for their dedication and for building strong scientific foundations which support the changing needs of patients and clinicians. This transaction marks the culmination of a very successful partnership, a successful outcome for Nordic Capital’s investors and the start of an exciting next phase for The Binding Site.”
Nordic Capital has been the majority owner of The Binding Site since 2011 when it completed the acquisition together with Five Arrows.
News: Thermo Fisher Scientific to Acquire The Binding Site Group