PHC Holdings has completed the acquisition of anatomical pathology business from Thermo Fisher Scientific for around $1.14bn (£897m).
The purchased anatomical pathology business will run as a new stand-alone company with a name Epredia. The company offers comprehensive solutions in the anatomical pathology field, including microscope slides, instruments and consumables.
The acquisition of Thermo Fisher’s anatomical pathology business will help PHC to expand its diagnostics business with the addition of oncology products to its portfolio. Thermo Fisher’s anatomical pathology business is said to generate around $350m (£275m) in annual revenue.
PHC Holdings president and CEO Michael Kloss said: “We are pleased to have completed this acquisition today and are excited to have added a leading global provider of solutions in the anatomical pathology industry to our group.
“Epredia brings a strong heritage in providing high-quality products and solutions that enable excellence in precision cancer diagnostics.”
Epredia offers comprehensive solutions in the anatomical pathology field, including microscope slides, instruments and consumables.
The company markets its products under major brands such as Erie, Menzel, Microm, Shandon, and Richard Allan.
With around 1,200 employees, the company has sites in the US, the UK, Germany, Switzerland and China.
Epredia president James Post said: “We are excited to join the PHCHD group and continue to serve the anatomical pathology market as Epredia. Although we have a new name, our mission remains the same: to improve lives by enhancing cancer diagnostics for patients around the world.
PHC is a global healthcare firm that develops, produces and sells medical equipment and solutions across diabetes care, diagnostics, life sciences and healthcare IT. The company markets its products and services in over 125 countries.
Thermo Fisher Scientific provides products and services through its premier brands such as Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services.
In 2016, Thermo Fisher acquired US-based microscope technology designer FEI Company for about $4.2bn (£3.3bn). FEI designs, manufactures and provides high-performance microscopy workflow solutions, which offer images and information at micro, nano and picometer scales.