Thermo Fisher Scientific expands into autoimmunity diagnostics business with EUR2.5bn cash investment
Uppsala – Thermo Fisher Scientific Inc. has signed a definitive agreement to acquire Phadia AB, a global leader in blood-based allergy and autoimmunity diagnostics, from European private equity firm Cinven, for EUR2.47 billion in cash. The transaction, which brings Cinven a profit of more than EUR1.2bn over the 2007 purchase price for the Swedish diagnostics specialist, is expected to be completed in the fourth quarter of 2011. With the deal, Thermo strengthens its speciality diagnostics business. Phadia reported 2010 total sales of EUR367m for its antigen testing platforms ImmunoCAP for allergy testing and EliA for autoimmunity testing, which runs on the Phadia250 platform, a walk-away automation system for fluorescence readout of the tests. Over the last three years Phadia (before 2004: Pharmacia Diagnostics AB) expanded by 10% (CAGR) globally but by 23% in the US market. Currently, Phadia is a global leader for in vitro allergy testing and a European leader in autoimmunity diagnostic testing. Autoimmune disorders is a growing segment of healthcare, with more than 100 million people worldwide suffering from autoimmune disorders such as rheumatoid arthritis or coeliac disease. 20% of people living in North America and Europe suffer from allergies. Thermo Fisher will leverage Phadia’s clinical marketing model to sell its specialty biomarker assays and other diagnostics products. Phadia will benefit from Thermo Fisher’s extensive healthcare market channels in the U.S. and strong presence in emerging markets.