Thermo Fisher to buy contract research firm PPD for $17.4 billion



© Reuters.

(Reuters) – Thermo Fisher Scientific Inc (NYSE:) said on Thursday it would acquire contract research firm PPD Inc for about $17.4 billion to expand its clinical research service business.

Under terms of agreement, Thermo Fisher will acquire PPD for $47.50 per share – a premium of 10.6% to Wednesday’s closing price.

The transaction, which is for a total cash purchase price of $17.4 billion plus the assumption of approximately $3.5 billion of net debt, is expected to be completed by the end of 2021.

Deal would be immediately and significantly accretive to Thermo Fisher’s adjusted EPS, adding $1.40 in the first 12 months after close, the company said.

Barclays (LON:) Capital Inc and Morgan Stanley & Co LLC (NYSE:) are serving as financial advisers to Thermo Fisher, while J.P. Morgan Securities LLC is the financial adviser for PPD.

The Wall Street Journal had reported late Wednesday that Thermo Fisher was nearing a deal to acquire PPD.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  How to score last-minute deals on Valentine's Day flowers at Whole Foods, Target and more





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here