Life science company acquisition aims to enhance the capabilities of consumers working in specialty diagnostics, research and applied markets.
The acquisition of Life Technologies Corporation (Paisley, UK), a life sciences company, by serving science company Thermo Fisher Scientific (Waltham, MA, USA) was announced recently. The companies intend to use their combined skills and technologies to strengthen innovation and accelerate the results for researchers and customers working in cell biology, proteomics and genomics.
President and Chief Executive Officer of Thermo Fisher Scientific, Marc Casper, commented, “We are extremely excited about this transaction because it creates the ultimate partner for our customers and significant value for our shareholders. The acquisition of Life Technologies enhances all three elements of our growth strategy: technological innovation, a unique customer value proposition and expansion in emerging markets.”
Life Technologies, which provides products and services to customers in areas such as genetic analysis, forensics and food safety testing, had revenue of US$3.8 billion in 2012, and have over 10,000 employees worldwide. The company is well known for its bioproduction technologies, and for supplying consumables for genomics, and molecular and cell biology.
Chairman and Chief Executive Officer of Life Technologies, Gregory Lucier, stated, “This transaction brings together two companies intent on accelerating innovation for our customers and achieving greater success in a highly competitive global industry. Further, this combination delivers immediate and significant cash value to our stockholders and represents a successful conclusion to the board’s strategic review to enhance stockholder value and develop an even stronger future for Life Technologies. We look forward to joining forces with the outstanding team at Thermo Fisher, which shares our commitment to customers, employees and the communities we serve.”
The companies expect that the transaction will generate attractive financial returns, and will offer growth opportunities, and will be significantly accretive to the adjusted EPS. “We look forward to welcoming our new colleagues from Life Technologies to the Thermo Fisher team. Together, we will be in an even stronger position to fulfill our company’s mission, which is to enable our customers to make the world healthier, cleaner and safer,” added Casper.