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Thermo Fisher Jumps into M&A Shortly After Layoffs
The Waltham, MA-based company said it has entered into a definitive agreement to acquire CorEvitas for about $912.5 million.
July 6, 2023
2 Min Read
Image Credit: Smith Collection/Gado via Getty Images
Thermo Fisher Scientific has announced entering into a definitive agreement to acquire CorEvitas, from Audax Private Equity for $912.5 million in cash. The acquisition could close by the end of the year.
The proposed deal comes about two months after it was revealed the Waltham, MA-based company would close down three facilities in San Diego and eliminate 230 positions.
Waltham, MA-based CorEvitas provides regulatory-grade, real-world evidence solutions to pharmaceutical and biotechnology companies with objective data and clinical insights to improve patient care and clinical outcomes. CorEvitas manages 12 registries, including nine autoimmune and inflammatory syndicated registries. Its multi-therapeutic data intelligence platform builds and scales multiple clinical registries across specific therapeutic areas to gather structured patient clinical data spanning more than 400 investigator sites and over 100,000 patients followed longitudinally.
CorEvitas has about 300 employees and is positioned to grow its revenue organically in the low double digits, with expected revenue of $110 million in 2023, according to a release discussing the deal.
If the deal goes through, then CorEvitas will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment. The company significantly strengthened its presence in the pharma and biotech industry with the $17.4 billion acquisition of PPD in 2021.
“The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition. CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business,” Marc Casper, chairman, president and CEO of Thermo Fisher, said in a release. “There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development. As the trusted partner, we continue to further differentiate our capabilities to help our customers accelerate innovation and drive productivity. We look forward to welcoming CorEvitas to Thermo Fisher.”
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