April 16, 2021 – Thermo Fisher Scientific Inc. (Waltham, MA) will acquire and PPD, Inc. (Wilmington, NC) for a total cash purchase price of $17.4 billion plus the assumption of approximately $3.5 billion of net debt.
PPD provides a broad range of clinical research and laboratory services to enable customers to accelerate innovation and increase drug development productivity.
A leader in the growing $50 billion clinical research services industry, PPD has more than 26,000 colleagues operating in nearly 50 countries. In 2020, the company generated revenue of $4.7 billion.
The companies say that benefits of the transaction include:
- Establishes Thermo Fisher as One of the Global Leaders in the Attractive, High Growth Clinical Research Services Industry
- Combination Further Enhances Thermo Fisher’s Value Proposition for Pharma and Biotech Customers by Adding Highly Complementary Services
- Creates Meaningful Benefits for Customers
- Delivers Attractive Financial Benefits
Upon close of the transaction, PPD will become part of Thermo Fisher’s Laboratory Products and Services Segment. The transaction is expected to be completed by the end of 2021.