WALTHAM, Mass. — Thermo Fisher Scientific, a Massachusetts-based company that bills itself as the world leader in serving science, is acquiring Sweden’s Olink Holding in a massive deal valued at $3.1 billion.
The Waltham-headquartered life sciences business says it will pay $26 per share in cash for Olink, an amount that represents a premium of about 74% over Monday’s closing price.
Olink offers leading solutions for advanced proteomics discovery and development, enabling biopharmaceutical companies and leading academic researchers to rapidly and efficiently gain an understanding of disease at the protein level.
“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine,” Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher said in a news release. “Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher.”
Jon Heimer, CEO of Olink added, “Olink is dedicated to improving the understanding of human biology by accelerating the use of next-generation proteomics and providing industry-leading data quality at unprecedented scale. Thermo Fisher’s deep life sciences expertise, global reach, and proven operational excellence will enable significant opportunities for both customers and colleagues, while also providing immediate value to our shareholders.”
Olink is on track to deliver over $200 million in revenue in 2024, and the transaction is expected to be completed by mid-2024.
Thermo Fisher expects to fund the acquisition using cash on hand and debt financing and then Olink will become part of Thermo Fisher’s Life Sciences Solutions segment.
Thermo Fisher’s 286,000-square-foot Waltham headquarters opened in 2016. The company employs more than 26,000 people in 400 offices across the United States and Canada.
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