Thermo Fisher Scientific completes acquisition of Life Technologies
Thermo Fisher Scientific has completed its acquisition of Life Technologies for $13.6 billion ($76.13 in cash per fully diluted common share), plus the assumption of $1.5 billion in net debt. The completion of the transaction follows the receipt of all required regulatory approvals.
"Our combined offering provides cutting-edge technologies, such as genomics and proteomics, to accelerate life sciences research and improve human health,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “And our complementary strengths in biosciences and bioprocessing will accelerate drug discovery, development and production. With the addition of Life Technologies, we are in an even stronger position to help our customers achieve their goals for innovation and productivity."
With the acquisition, Thermo Fisher has established a new reporting segment, called Life Sciences Solutions. Mark Stevenson, who was CEO of Life Technologies, has been named an executive vice president and president of Life Sciences Solutions, reporting directly to Casper.
The new Life Sciences Solutions Segment will consist of the majority of the former Life Technologies and Thermo Fisher Biosciences businesses. Thermo Fisher's Global Chemicals business will move from the Biosciences business to the Laboratory Products and Services Segment. Thermo Fisher's Analytical Technologies Segment will be renamed Analytical Instruments to reflect the transfer of the Biosciences businesses. Two small specialty diagnostics businesses within Life Technologies will become part of the Specialty Diagnostics Segment. Thermo Fisher has agreed to sell its cell culture (sera and media), gene modulation and magnetic beads businesses to GE Healthcare for $1.06 billion.