Thermo Fisher Scientific Inc. (TMO) announced Thursday that it has entered into a definitive agreement to acquire CorEvitas, LLC from Audax Private Equity for $912.5 million in cash.
Waltham, Massachusetts -based CorEvitas provides regulatory-grade, real-world evidence for approved medical treatments and therapies.
The transaction is expected to be completed by the end of 2023, subject to customary closing conditions, including regulatory approvals.
The deal would be immediately accretive to adjusted earnings per share by $0.03 in 2024.
Upon completion, CorEvitas will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment.
CorEvitas, with around 300 employees, manages 12 registries, including nine autoimmune and inflammatory syndicated registries. CorEvitas expects to grow its revenue organically in the low double digits, with expected revenue of $110 million in 2023.
According to the company, real-world evidence is the collection and use of patient health outcomes data gathered through routine clinical care. It is considered a high growth market segment as pharmaceutical and biotechnology customers, as well as regulating bodies are looking to monitor and evaluate the safety of approved therapies and examine their effectiveness and value in the post approval setting.
Marc Casper, chairman, president and chief executive officer of Thermo Fisher, said, "CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business. There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development."
In pre-market activity on the NYSE, Thermo Fisher shares were losing around 1.1 percent to trade at $515.
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