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Thermo Fisher Scientific to buy Phadia for $3.5B

Thu, 05/19/2011 - 5:45am
The Associated Press

Scientific instrument maker Thermo Fisher Scientific says it has agreed to pay about $3.5 billion in cash for the Swedish company Phadia, which makes blood test systems for allergy and auto-immune diseases.

Thermo Fisher Scientific Inc. expects the deal to be completed in the fourth quarter. It says the acquisition will add to its earnings right away.

Its shares rose $2.24, or 3.6 percent, to $64.98 in pre-market trading.

Phadia's brands include ImmunoCAP for allergy tests and EliA for autoimmunity tests. The Swedish company had total sales of about $525 million last year.

Phadia has about 1,500 employees globally and will become part of Thermo Fisher's Specialty Diagnostics business.

Thermo Fisher is based in Waltham, Massachusetts.

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