Thermo Fisher Scientific receives EC clearance for Life Technologies acquisition

Thermo Fisher Scientific has received approval from the European Commission (EC) for its pending acquisition of Life Technologies Corporation. To expedite the approval, Thermo Fisher has committed to divest of its cell culture (sera and media), gene modulation and magnetic beads businesses. Combined, these businesses had 2012 revenue of approximately $225 million.

The acquisition remains subject to additional regulatory approvals, including the US Federal Trade Commission (FTC). Based on its discussions with the FTC, Thermo Fisher does not believe any additional divestures will be required in order to receive US approval. The company is working with the regulatory agencies to complete the transaction as soon as possible, and still expects to close in early 2014.
 
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In April 2013, Thermo Fisher had signed a definitive agreement to acquire Life Technologies for approximately $13.6 billion, plus the assumption of net debt at close ($2.2 billion as of year-end 2012). The transaction led to creation of an unrivaled leader in serving research, specialty diagnostics and applied markets. The combination builds on both companies’ technological strengths to accelerate results for life sciences customers working in proteomics, genomics and cell biology.