(Bloomberg) – Thermo Fisher Scientific Inc. is nearing an agreement to acquire Birmingham, England-based diagnostics company Binding Site for more than £2 billion ($2.3 billion) from of private equity fund Nordic Capital, according to people familiar with the matter.
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The deal could be announced as early as this week and would mark a revival of trading in Europe where volumes have crashed this quarter, said the people, who asked not to be identified. Talks are advanced but there is no certainty the deal will be completed, they said.
A representative for Thermo Fisher, based in Waltham, Mass., declined to comment, while Nordic Capital could not be immediately reached.
Thermo Fisher, which makes scientific instruments and helps make drugs, is one of the biggest-buying life science companies. Last year it bought PPD Inc., a provider of clinical and research services, for about $20 billion. In January, it bought PeproTech, a narrowly held recombinant protein supplier, for about $1.85 billion in cash.
Binding Site develops diagnostic products to detect disorders of the immune system and is aimed at clinicians and laboratory professionals. A deal for the company would be the latest example of healthcare deals which are still an active area for merger activity and a sign that US-based buyers are benefiting from a strong dollar, especially when they are paying for an asset denominated in pounds.
Nordic Capital recently raised a new €9 billion buyout fund despite a challenging fundraising environment, with investors holding onto cash, cutting allocations to private equity and waiting for funds to return cash before investing. reinvest. The Stockholm-based company has a proven track record in healthcare and is widely regarded as one of the most successful private equity funds in this space. She originally invested in Binding Site 11 years ago.
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