Thermo Fisher Scientific has completed its previously announced acquisition of The Binding Site Group, a UK-based speciality diagnostics company, in a transaction valued at $2.8bn.

The US-based medical equipment company has acquired the speciality diagnostics company from a group of shareholders led by European private equity firm Nordic Capital.

In October 2022, Thermo Fisher signed the agreement to acquire The Binding Site.

The acquisition will expand Thermo Fisher’s speciality diagnostics segment and complements the company’s existing speciality diagnostics offering with established technologies.

The Binding Site will now operate as part of the Specialty Diagnostics segment, said Thermo Fisher.

Thermo Fisher chairman, president and chief executive officer Marc Casper said: “We are very excited to welcome The Binding Site colleagues to Thermo Fisher Scientific.

“The Binding Site expands our existing speciality diagnostics portfolio with the addition of pioneering innovation in diagnostics and monitoring for multiple myeloma.

“Early diagnosis and well-informed treatment decisions can make a significant difference in patient outcomes, and we are excited by the opportunity to enable further advancements in this area for the benefit of patients.”

The Binding Site is engaged in the research, development, manufacturing, and distribution of tests used to detect cancers and immune disorders.

The company provides speciality diagnostic assays and instruments that help improve the diagnosis and management of blood cancers and immune system disorders.

Its Freelite offering enables multiple myeloma diagnosis and monitoring across all stages of the disease.

The company has more than 1,200 employees, serving clinicians and laboratory professionals worldwide.