Thermo Fisher Enhances Proteomics Arm with $3.1 Billion Olink Acquisition

Thermo Fisher Scientific, a global frontrunner in scientific services, has recently made a significant move by acquiring Olink Holding AB, a distinguished proteomics company based in Uppsala, Sweden. Valued at approximately $3.1 billion, this strategic acquisition is poised to substantially strengthen Thermo Fisher’s position in the proteomics arena—a critical frontier in advancing life science research and precision medicine.

In a groundbreaking agreement, Thermo Fisher will procure Olink for $26 per common share in cash, marking an impressive 74% premium over Olink’s closing price on the Nasdaq on October 16, 2023. This transaction also includes net cash of approximately $143 million.

Olink’s Cutting-Edge Technology

Olink’s pioneering Proximity Extension Assay (PEA) technology offers high-throughput protein analysis for quantitative polymerase chain reaction (qPCR) and next-generation sequencing readout systems. This innovation has garnered substantial attention, with a library of over 5,300 validated protein biomarker targets and citations in more than 1,400 scientific publications.

Positive Industry Response

Following the announcement, Olink’s shares experienced a surge, underscoring the industry’s recognition of the value this acquisition brings. Thermo Fisher’s CEO, Marc N. Casper, emphasized the transformative potential of Olink’s technology and its seamless integration with Thermo Fisher’s existing platforms.

Strategic Significance

This acquisition dovetails perfectly with Thermo Fisher’s steadfast commitment to advancing life science research and precision medicine. Olink’s expertise in proteomics, particularly within research applications, synergizes seamlessly with Thermo Fisher’s capabilities, offering high-throughput protein analysis that complements their mass spectrometry and life sciences platforms.

Future Growth and Synergies

Thermo Fisher foresees Olink’s revenue surpassing $200 million in 2024. The acquisition is projected to drive mid-teens organic growth and deliver approximately $125 million in adjusted operating income through revenue and cost synergies within five years post-closure.

Support and Regulatory Approvals

Both companies’ boards, alongside Olink’s largest shareholder and other significant stakeholders, have given their endorsement to the deal. The acquisition is set to conclude by mid-2024, subject to customary closing conditions and regulatory approvals.

Impact on Thermo Fisher’s Portfolio

This acquisition comes on the heels of Thermo Fisher’s recent introduction of the Thermo Scientific™ Orbitrap™ Astral™ mass spectrometer, reaffirming the company’s unwavering dedication to broadening its proteomic offerings and maintaining its leading position in technological advancements within the field.

Thermo Fisher’s acquisition of Olink Holding AB marks a monumental milestone in the proteomics landscape. This strategic move not only expands Thermo Fisher’s global footprint but also cements the company’s position as a trailblazer in high-throughput protein analysis—empowering researchers to expedite discoveries and scientific breakthroughs in life science and precision medicine.

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