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Jul 16, 2012

Thermo Fisher Spends $925M to Acquire In Vitro Dx Strategy

  • Thermo Fisher is acquiring transplantation diagnostics firm One Lambda for $925 million in cash, to enhance its presence in the specialty in vitro diagnostics sector. The purchase price includes the cost of a three-year retention program established by One Lambda for key employees, cash payable to specific shareholders for noncompetition agreements, and a one-year earn-out provision based on the achievement of predetermined financial targets. Thermo Fisher separately announced authorization of the buyback of an additional $500 million-worth of shares of its own common stock in the open market or through negotiated transactions.

    One Lambda’s diagnostic tests are used by transplant centers for tissue typing. The firm offers HLA typing assays utilizing both serological and molecular technologies, for matching potential donors to recipients, along with tests for the detection of antibodies that can lead to transplant rejection. One Lambda generated revenues of $182 million in 2011, and will become part of Thermo Fisher’s specialty diagnostics segment.

    “One Lambda gives us access to the attractive transplant diagnostics market and complements our existing immunosuppressant monitoring assays,” comments Marc N. Casper, president and CEO at Thermo Fisher. “From a financial perspective, we expect One Lambda to be immediately accretive to our adjusted EPS and to yield a strong return on invested capital...With a strong technology platform, high margin profile, and good growth prospects, the business is perfectly aligned with our specialty in vitro diagnostics strategy.”

     


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