Thermo Scientific acquires British diagnostics company Baying Racing for £2.25 billion

Thermo Fisher Technologies announced on Monday that it had reached a definitive deal to acquire The Binding Site, a British specialist diagnostics company
, for 2.
25 billion pounds ($2.
60 billion) in cash.

Headquartered in Birmingham, UK, BADDIN employs more than 1,100 people
worldwide.
The company provides specialized diagnostic products
to clinicians and laboratory personnel worldwide.
Its main products include the Freelite® assay, a highly sensitive, highly specific assay
for the determination of kappa and lambda free light chains.
Many clinical guidelines recommend it for the diagnosis and monitoring
of multiple myeloma.

According to Thermo Fisher Fisher, Bayding's "financial situation is attractive.
"
Its business is growing at an annual rate of about 10% and is on track to generate more than $220 million in revenue
in 2022.

Marc Casper, CEO and President of Thermo Fisher Fisher, said, "This transaction is fully aligned with our mission and is an exciting addition
to our existing specialty diagnostic offerings.
He also said the company is "highly regarded by researchers and clinicians for its groundbreaking multiple myeloma diagnostic and detection solutions.
"

Stefan Wolf, CEO of BYDING, said: "BYDINGS has long been at the forefront of medical diagnostics, and by joining Thermo Fisher Fisher, we will be in an even better position to accelerate scientific discovery, expand our product offering, benefit our colleagues and customers, and most importantly, the
patients we serve.
" ”

Thermo Scientific said the transaction is expected to close in the first half of 2023, subject to customary closing conditions, including regulatory approvals
.
Upon completion of the acquisition, Baydingsa will be transferred to Thermo Fisher Scientific's Specialty Diagnostics division and is expected to contribute $
0.
07 to adjusted earnings per share in the first year.