Thermo Fisher Scientific has completed its acquisition of data intelligence company CorEvitas for $912.5m in cash.
Thermo Fisher first announced the deal on 6 July, which will see CorEvitas join Thermo Fisher’s Laboratory Products and Biopharma Services segment.
US-based CorEvitas provides real-world evidence solutions to pharmaceutical and biotechnology companies for use in clinical services, gathering data from over 400 investigator sites and more than 100,000 patients. The company manages 12 registries, including nine autoimmune and inflammatory syndicated registries. The biotech is predicted to generate revenues of $110m in 2023.
Thermo Fisher acquired the company from Audax Private Equity.
In a 14 August press release, Thermo Fisher’s CEO Marc Casper said: “CorEvitas expands our clinical research business with highly complementary real-world evidence solutions, which is an increasingly important area and will help to enhance decision-making as well as the time and cost of drug development.”
This deal is part of CorEvitas’ growth strategy for 2023. In its Q2 results, the company reported a revenue of $10.69bn, which was 3% lower than the same quarter last year. The company blamed this on a difficult macroeconomic environment but assured its confidence in its growth strategy. Casper explained the slump saying: “Economic activity in China slowed, and across the economy more broadly, businesses became more cautious in their spend.”
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Thermo Fisher’s growth strategy has included the £2.3bn ($2.8bn) acquisition of The Binding Site Group, a switch to 100% renewable energy at all US sites, and the CorEvitas agreement, among other actions. Thermo Fisher expects the recent deal to be slightly accretive in 2023 and deliver $0.03 of adjusted earnings per share in 2023.