Thermo Fisher Scientific
announced Tuesday it would acquire proteomics company
Olink Holding
in a $3.1 billion deal.
Scientific instrument maker
Thermo Fisher
(ticker: TMO) will buy Sweden’s
Olink
(OLK) for $26 per American depositary share in cash, which represents a roughly 74% premium from the closing price Monday for Olink’s U.S.-listed stock. Olink was surging 69% to $25.30 in premarket trading.
“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine,” said Marc N. Casper, chief executive of
Thermo Fisher.
Proteomics is the study of the interactions, composition, function and structures of proteins and their cellular activities
The transaction is expected to close in mid-2024. Thermo Fisher expects to fund the acquisition using cash on hand and debt financing. In the first full year of ownership, the deal is expected to be dilutive to adjusted earnings by 17 cents a share. Thermo Fisher said it expects to realize about $125 million of adjusted operating income from revenue and cost synergies by the fifth year of the transaction.
Shares of Thermo Fisher were down 1% in premarket trading to $483.90. The stock, which was a recent Barron’s pick, has dropped 11% this year.
Write to Angela Palumbo at [email protected]
Read the full article here