Thermo Fisher is set to buy CorEvitas for $913 million, which will add real-world evidence solutions to its portfolio.
Under the terms of the deal, Thermo Fisher Scientific will pay $912.5 million in cash for Massachusetts-based healthcare data provider CorEvitas. CorEvitas provides regulatory-grade, real-world evidence solutions to the biopharma space with an aim of improving patient care and clinical results.
Subject to the deal closing, Thermo Fisher will add CorEvita’s data intelligence platform to its biopharma services unit and laboratory products. The platform uses real-world data from patients, which can then be presented to clients to monitor their therapies post receiving approval from regulatory bodies.
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“Strategically, the deal makes sense and further builds on TMO’s ‘one stop shop’ strategic partner thesis for biopharma customers,” Evercore ISI analyst Vijay Kumar wrote in a note.
The acquired firm could generate $110 million of revenue for this year, says Thermo Fisher.
Thermo Fisher has not been shy when it comes to mergers and acquisitions and in May, the firm said it is eyeing up to $50 billion of acquisition activity in the coming years.
Since the formation of Thermo Fisher through the merger of Thermo Electron and Fisher Scientific in 2006, the company has made 44 acquisitions across all aspects of the life sciences services space, representing more than $69 billion.
Some of the biggest include the $13.6 billion Life Technologies buy in 2013, the $7.2 billion acquisition of contract manufacturer Patheon in 2017, and the $17.4 billion purchase of contract research organization (CRO) PPD in 2021.
It also completed a $2.6 billion deal last year of UK-based diagnostics firm Binding Site, which develops, manufactures, and distributes specialist diagnostic tests for blood cancers.
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