The Binding Site

History

2022: Thermo Fisher Scientific acquires The Binding Site for $2.6 billion

On October 31, 2022, the American company Thermo Fisher Scientific announced the conclusion of an agreement to acquire the supplier of specialized diagnostic products The Binding Site Group (The Binding Site). The transaction amount is £2.25 billion (approximately $2.6 billion at the exchange rate).

The Binding Site provides reagents and tools to detect and treat blood cancer as well as immune system disorders. One of the company's products is Freelite for the diagnosis and monitoring of multiple myeloma, a malignant plasma cell tumor characterized by bone marrow damage and bone destruction.

Thermo Fisher Scientific bought a developer of diagnostic tools for the treatment of blood cancer for $2.6 billion

Headquartered in Birmingham, The Binding Site employs more than 1,100 staff worldwide. The company's turnover increases annually by about 10%: at the end of 2022, revenue is expected to exceed $220 million. The Binding Site diagnostic products are recommended for use in many clinical guidelines.

{{quote 'This deal aligns with our mission and will expand the existing range of specialized diagnostic tools. The Binding Site is highly respected by both researchers and clinicians for its pioneering solutions for diagnosing and monitoring multiple myeloma. We are excited to be able to innovate in this area for the benefit of patients and look forward to The Binding Site team, "said Marc N. Casper, Chairman, President and CEO of Thermo Fisher Scientific. }} The deal is scheduled to be completed in the first half of 2023 after getting the necessary approvals from regulators. Following the merger, The Binding Site will be part of Thermo Fisher Scientific's specialty diagnostics division and is expected to increase adjusted earnings per share by $0.07 during the first year.^[1]

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