Thermo Fisher Scientific has been racking up deals over the past few years to boost its diagnostics capabilities. Its latest target? Sequencing giant Illumina, to the tune of $30 billion.
Thermo Fisher has put forward a $30 billion all-stock offer, according to an unnamed source with knowledge of the matter, StreetInsider reported. Illumina, which notched $600 million in Q2 revenues, has a $25 billion market cap, and gained as much as 8% on news of the acquisition proposal. Analysts are critical of the prospects of the deal.
In April 2012, Illumina successfully fought off a $6.7 billion hostile takeover attempt by Roche ($RHHBY), which grew from the initial $5.7 billion offer the Big Pharma proposed in January. Illumina and its shareholders rejected the deal because the price was too low.
Thermo Fisher, with a $61 billion market cap, reels in about $17 billion in revenues annually. It has made a string of acquisitions in the last few years and filed a Form S-3 in March, registering a mixed securities shelf for “general corporate purposes” that “may include the acquisition of companies and businesses.”
Most recently, Thermo Fisher picked up FEI and its electron microscopy technology in a $4.2 billion transaction, while in March, it closed its $1.3 billion purchase of Affymetrix, expanding its drug research and genetic analysis capabilities in the process. Prior to that, the company acquired bioprocessing firm Advanced Scientifics for $300 million in 2015 and Life Technologies for $13.6 billion in 2014, adding it to its Life Sciences Solutions Group.
By Amirah Al Idrus
Source: Fierce Biotech
Five years ago, GSK made headlines when it hired Emma Walmsley to become the first woman to run a major pharmaceutical company. Now the Big Pharma has brought in another woman to control the company’s finances. Julie Brown will be GSK’s next chief financial officer. Brown, currently the chief operating and financial officer at fashion and beauty brand Burberry Group, is set to replace Iain Mackay.
Moderna created a new role responsible for “building out the company’s organization to support its growing pipeline.” Starting first thing 2023, Juan Andres, Moderna’s manufacturing head, will step into this new role under the title president of strategic partnerships and enterprise expansion, the company said Thursday.
The latest takeover is anticipated to boost the presence of Torrent in the dermatology segment. Indian company Torrent Pharmaceuticals has signed a definitive agreement for the complete acquisition of Curatio Healthcare for $245.16m (Rs20bn).