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Jan 26th, 2024
Thermo Fisher Scientific buys biotech firm Life Technologies
Thermo Fisher Scientific has acquired Life Technologies Corporation in a deal it says solidifies their position as a powerhouse in the supply of precision biopharma lab equipment.
California-based Life Technologies, who employs over 500 workers at its offices in Renfrewshire, Scotland, was sold for around $13.6bn (£8.9bn).
Marc N. Casper, president of Thermo Fisher Scientific, announced the transaction was “complete” on Monday.
“We are excited about our opportunity to create unrivalled leadership in serving research, life sciences, specialty diagnostics and applied markets,” said Mr Casper. 
Life Technologies forms cell culture products deployed in biological drug research, development and production.
Thermo Fisher will also assume $1.5 billion in debt as part of the deal. Going forward, the precision laboratory equipment company is expected to make cuts of $275 million.
Mr Casper said: “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.”
The acquisition has seen the creation of a new reporting segment called Life Sciences Solutions. Mark Stevenson, who formerly served as chief operating officer of Life Technologies, has been named an executive vice president of the division.
Thermo Fisher Scientific, regarded as the world leader in serving science, generates revenues of $17 billion with 50,000 employees spread over 50 countries.
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