According to Daniel Arias, an analyst at Stifel, PPD is a “good strategic fit” for Thermo Fisher given the increasing demand for services provided by contract research organizations. Thermo Fisher, in announcing the acquisition, highlighted PPD’s drug development platform and strengths in laboratory services and patient recruitment.
Thermo Fisher expects the deal to immediately boost adjusted earnings per share, and estimates it will result in about $125 million worth of savings by the third year. PPD brought in $4.7 billion in revenue in 2020, and has more than 26,000 employees in 47 countries. Thermo Fisher, meanwhile had $32 billion in revenue last year and employs more than 80,000 people.
The announcement comes shortly after a failed attempt by Thermo Fisher to acquire molecular diagnostics company Qiagen. Thermo Fisher initially offered $11.5 billion for the company and then raised its bid, but was still unable to persuade Qiagen stockholders to tender their shares.
In a note to clients, Arias wrote that the integration of Patheon — a contract developer and manufacturer that Thermo Fisher bought for $7 billion in 2017 — should serve as a model for the latest acquisition. READ MORE
By Kristin Jensen
The U.S. Patent and Trademark Office issued a patent to MedTrace for their method of diagnosing the human heart via 15O-water PET. The patented method is the foundation of the company’s software aQuant, currently under development. Hendrik “Hans” Harms, PhD and Senior Scientist at MedTrace, and Jens Soerensen, Professor and Clinical Advisor to MedTrace, are the originators of the method.
Teresa Graham, currently head of global product strategy for Roche pharma, will become the division’s new CEO next month, Roche said Thursday. Simultaneously, Roche is elevating Levi Garraway, chief medical officer, to the executive committee.
Fierce Pharma has obtained internal documents and video of a town hall meeting conducted this week describing what J&J called a “comprehensive review” of its portfolio. Moving forward, J&J plans to operate its vaccines and infectious diseases outfits as one group, the executives explained.