In a deal that strengthens its position as a provider of specialty diagnostics, Thermo Fisher Scientific announced today that it plans to acquire all the assets of England-based The Binding Site Group for £2.25 billion ($2.6 billion at current exchange rates). The Binding Site provides specialty diagnostics and instruments focused on hematologic cancers and disorders of the immune system. Its core product is the Freelite diagnostic for multiple myeloma for the diagnosis and monitoring of all stages of the disease.
According to a statement by Marc N. Casper, chairman, president, and CEO of Thermo Fisher, The Binding Site was an attractive target for the company due to its product offering and large worldwide installed base in cancer diagnostics. “The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma,” said Casper. “We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes.”
The Binding Site is headquartered in Birmingham, England, and has more than 1,100 employers worldwide. The company is expected to generate around $220 million in topline revenue for 2022, and has exhibited nearly 10% annual revenue growth.
Since 2011, the company has been owned by the venture capital firms Nordic Capital and Five Arrows. In the 11 years since it acquired a majority interest in the company, Nordic Capital helped oversee the transition of the company from a founder-led research organization to a global commercial organization offering services for the detection, diagnosis and management of blood cancers and immune system disorders. Over that time company revenues have quintupled and the company has sold more than 40 million test globally. According to a Nordic Capital press release, it will be better positioned to continue that growth under ownership of Thermo Fisher.
“We are proud to have partnered with The Binding Site,” said Raj Shah, Partner and Head of Healthcare, Nordic Capital Advisors and Jonas Agnblad, Partner, Nordic Capital Advisors and Board Member, The Binding Site, in a joint statement. “Their cutting-edge technology and innovative specialty diagnostic solutions improve millions of patient lives globally. During Nordic Capital’s ownership the company has experienced strong growth and transformation, achieved by a dedicated focus on R&D investment, commercial focus and global expansion.”
Stefan Wolf, CEO of The Binding Site, said, “This announcement marks the beginning of a new and exciting chapter for The Binding Site and is a testament to our team’s singular commitment to improving patient lives through the development and delivery of innovative solutions. The Binding Site has long been at the forefront of medical diagnostics and by joining the world leader in serving science, we will be even better positioned to accelerate scientific discovery and expand our product offering for the benefit of our colleagues, customers and, most importantly, the patients we serve.”