In an all-cash transaction, Thermo Fisher Scientific has completed its $2.8 billion (£2.3 billion) acquisition of The Binding Site Group, a provider of specialty diagnostic assays and instruments for improving the diagnosis and management of blood cancers and immune system disorders.

Valued at approximately $40 billion, Thermo Fisher Scientific designs instruments, reagents and consumables and provides software services. It provides these technologies as well as pharmaceutical services through a range of brands that include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

Employing more than 1,200 employees, The Binding Site was part of a shareholder group led by European private equity firm Nordic Capital and will from this point forward be part of Thermo Fisher's specialty diagnostics segment.

The agreement was announced in October 2022 and will be accretive to adjusted earnings per share by $0.07 in 2023.

“The Binding Site expands our existing specialty diagnostics portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma. Early diagnosis and well-informed treatment decisions can make a significant difference in patient outcomes, and we are excited by the opportunity to enable further advancements in this area for the benefit of patients,” said Marc Casper, chairman, president and chief executive officer of Thermo Fisher, in a statement.

Among The Binding Site’s products is its Freelite offering, which is used to diagnose multiple myeloma and track all stages of the disease. It is widely recommended by major clinical guideline publications.

It also provides a range of CE-marked assays through its Plasma Protein offering. Its assay portfolio consists of kits for central nervous system disorders, renal function, radial immunodiffusion, immunoglobulins, the complement system, specific proteins and subclasses.

Additionally, its business has grown by around 10% annually, and it was said to be on track to make more than $229 million (£190 million) in revenue in 2022 at the time the transaction with Thermo Fisher Scientific was announced.

Thermo Fisher Scientific is based in Waltham, Massachusetts. The Binding Site Group is based in Birmingham, England.

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