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The transaction is expected to be completed by the end of 2023 where CorEvitas will become a part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
Thermo Fisher Scientific announced on July 6, 2023 the entering of an agreement to acquire CorEvitas, LLC for $912.5 million in cash, according to a company press release.
The acquisition of CorEvitas will include their 12 registries, including nine autoimmune and inflammatory syndicated registries, and approximately 300 employees. Further, the company is expected to hit a revenue of $110 million in 2023.
“The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition. CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business,” said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher, in a press release. “There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development. As the trusted partner, we continue to further differentiate our capabilities to help our customers accelerate innovation and drive productivity. We look forward to welcoming CorEvitas to Thermo Fisher.”
According to the press release, the transaction is expected to be completed by the end of 2023 where CorEvitas will become a part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
“This is an exciting next step for CorEvitas. Thermo Fisher shares our science-led and mission-driven culture and commitment to driving innovation and improving patient outcomes. I am confident that becoming part of a global leader with deep life science expertise, commercial reach, international presence, and proven operational excellence will provide significant opportunities for both our customers and our colleagues,” said Raymond H. Hill, chairman and chief executive officer of CorEvitas, in a press release. “I look forward to working with the entire Thermo Fisher team as we enter this next phase of growth.”
Source: Thermo Fisher Scientific