Thermo Fisher Scientific has completed its acquisition of Life Technologies for $76.13 in cash per fully diluted common share, or approximately $13.6bn, plus the assumption of $1.5bn in net debt.
The completion of the transaction follows the receipt of all required regulatory approvals.
Thermo Fisher Scientific president and CEO Marc N Casper noted the company is pleased to announce that this transaction is now complete, and excited about its opportunity to create unrivaled leadership in serving research, life sciences, specialty diagnostics and applied markets.
"Our combined offering provides cutting-edge technologies, such as genomics and proteomics, to accelerate life sciences research and improve human health.
"And our complementary strengths in biosciences and bioprocessing will accelerate drug discovery, development and production. With the addition of Life Technologies, we are in an even stronger position to help our customers achieve their goals for innovation and productivity," Casper added.
With the acquisition of Life Technologies, Thermo Fisher has established a new reporting segment, called Life Sciences Solutions. Mark Stevenson, who served as COO of Life Technologies, has been named an executive vice president and president of Life Sciences Solutions, reporting directly to Casper.
Effective 1 January 2014, the company’s financial performance will be reported in four segments reflecting the following changes:
– The new Life Sciences Solutions segment will consist of the majority of the former Life Technologies and Thermo Fisher Biosciences businesses.
– Thermo Fisher’s Global Chemicals business will move from the Biosciences business to the Laboratory Products and Services segment.
– Thermo Fisher’s Analytical Technologies segment will be renamed Analytical Instruments to reflect the transfer of the Biosciences businesses to other segments, as mentioned above.
– Two small specialty diagnostics businesses within Life Technologies will become part of the Specialty Diagnostics segment.
– As previously announced, Thermo Fisher has agreed to sell its cell culture (sera and media), gene modulation and magnetic beads businesses to GE Healthcare for $1.06bn.
In connection with the completion of the transaction, Life Technologies stock ceased trading on The NASDAQ Stock Market following market close on 3 February 2014.