Thermo Fisher Scientific (NYSE:TMO) Inc on Thursday announced it would acquire data intelligence company CorEvitas from Audax Private Equity for $912.5 million in cash.
CorEvitas is a provider of data and analytics to pharmaceutical and biotech companies and expects revenue of $110 million in 2023, Reuters reported.
Thermo Fisher noted that the acquiring business is a high growth market segment, as pharmaceutical and biotechnology customers, as well as regulating bodies, are increasingly looking to monitor and evaluate the safety of approved therapies and examine their effectiveness and value in the post approval setting.
The acquisition is expected to boost Thermo Fisher’s adjusted earnings per share by $0.03 in 2024, the company stated.
The transaction is expected to close by the end of this year, after which CorEvitas will become part of Thermo Fisher's laboratory products and biopharma services segment.
Shares Thermo Fisher Scientific eased 1.2% to $514.43 in early Thursday trading and are down 7% year to date.
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