Olink Holding AB shares surged 66% to $24.87 in late-morning trading on Tuesday after the provider of next-generation proteomics solutions announced that it has agreed to be acquired by Thermo Fisher Scientific (NYSE:TMO) Inc for $26 per share in cash, representing a premium of about 74% to the closing price of Olink’s Nasdaq-listed American Depositary Shares (ADS) on October 16, 2023.
The transaction values Olink at approximately $3.1 billion, which includes net cash of about $143 million.
“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine,” Thermo Fisher Scientific (NYSE:TMO) CEO Marc Casper said in a statement.
“Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms.”
Olink, which is on track to deliver over $200 million of revenue in 2024, offers solutions for advanced proteomics discovery and development, enabling biopharmaceutical companies and leading academic researchers to gain an understanding of disease at the protein level rapidly and efficiently.
The transaction is expected to be completed by mid-2024.
Contact Sean at sean@proactiveinvestors.com