Thermo Fisher Scientific Completes Acquisition of PeproTech, a Leader in Recombinant Proteins

Rhea-AI Summary

Thermo Fisher Scientific (NYSE:TMO) has completed its acquisition of PeproTech for approximately $1.85 billion on December 30, 2021. PeproTech specializes in recombinant proteins such as cytokines and growth factors, which are integral to cell and gene therapy development. This acquisition enhances Thermo Fisher's biosciences portfolio, allowing for improved offerings to pharma and biotech clients. CEO Marc Casper highlighted that the integration will leverage existing capabilities and foster growth in the expanding cell therapy market.

Positive

• Acquisition valued at $1.85 billion enhances TMO's biosciences business.
• PeproTech's products complement TMO's cell culture media, expanding its market offering.
• Strategic acquisition expected to drive growth in cell and gene therapies.

Negative

• None.

WALTHAM, Mass., Jan. 5, 2022 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE:TMO), the world leader in serving science, and PeproTech, Inc., a leading developer and manufacturer of recombinant proteins, today announced that Thermo Fisher completed its acquisition of PeproTech on December 30, 2021 for a total cash purchase price of approximately $1.85 billion.

Based in Cranbury, New Jersey, PeproTech is a privately held provider of bioscience reagents known as recombinant proteins, including cytokines and growth factors. Recombinant proteins are used in the development and manufacturing of cell and gene therapies as well as in broader cell culture applications, especially for use in cellular research models. PeproTech's recombinant proteins portfolio complements Thermo Fisher's cell culture media products and will enable Thermo Fisher to provide customers significant benefits through an integrated offering.

"PeproTech will be an excellent strategic fit within our biosciences business and will allow us to even better serve our pharma and biotech customers by adding new capabilities to our existing offering," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "In combination with our proprietary bioprocessing and cell culture technologies, this complementary transaction positions us to partner with our customers to drive the evolution of the fast-growing market for cell and gene therapies. By leveraging our commercial reach, we will be able to efficiently grow the PeproTech business and generate attractive financial results all while furthering our Mission to enable our customers to make the world healthier, cleaner and safer."

Casper added, "With more than three decades of experience across a broad range of applications for drug development and therapeutic products, the PeproTech team has built long-standing customer relationships in pharma and biotech and life sciences research. We look forward to welcoming their incredibly talented team to Thermo Fisher."

Bob Goldman, president and co-founder of PeproTech, commented, "We are pleased to join Thermo Fisher given their team's outstanding industry leadership and shared commitment to develop innovative therapies that improve patient outcomes. PeproTech's reputation for unparalleled product consistency and quality directly aligns with that of Thermo Fisher's, and we look forward to building on our success as part of the world leader in serving science."

PeproTech will become part of the biosciences business within Thermo Fisher and will be integrated into the Life Sciences Solutions Segment.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with annual revenue of approximately $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team of more than 100,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.

About PeproTech

PeproTech, Inc., a New Jersey corporation that was incorporated in 1988, creates the building blocks of life science research by manufacturing high-quality products that advance scientific discovery and human health. Our business is heavily weighted towards the development, manufacture and sale of research-use only and GMP cytokines and other products that support and address the needs and demands of today's scientists and researchers.

Safe Harbor Statement

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the duration and severity of the COVID-19 pandemic; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

Media Contact Information:
Ron O'Brien
Phone: 781-622-1242
E-mail: ron.obrien@thermofisher.com

Investor Contact Information:
Rafael Tejada
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com

 

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SOURCE Thermo Fisher Scientific

FAQ

What is the significance of Thermo Fisher's acquisition of PeproTech?

The acquisition enhances Thermo Fisher's biosciences portfolio, allowing improved offerings in the cell and gene therapy market.

When was the acquisition of PeproTech completed by Thermo Fisher?

The acquisition was completed on December 30, 2021.

How much did Thermo Fisher pay for PeproTech?

Thermo Fisher acquired PeproTech for approximately $1.85 billion.

What products does PeproTech offer?

PeproTech develops and manufactures recombinant proteins, including cytokines and growth factors, primarily used in cell and gene therapies.

How does this acquisition impact Thermo Fisher's market strategy?

The integration of PeproTech's capabilities is expected to enhance Thermo Fisher's reach and offerings in the growing cell and gene therapy market.