Thermo Fischer Scientific completes its $17.4 billion acquisition of PPD

The closure comes a few months after the duo announced the multi-billion-dollar transaction.

Earlier today, Thermo Fischer Scientific confirmed it completed its multi-billion-dollar acquisition of the Wilmington, North Carolina-based PPD, a leading global provider of clinical research services. The acquisition was announced back in April this year. "We are very excited to officially welcome our PPD colleagues to Thermo Fisher," said Marc N. Casper, Chairman, President and CEO of Thermo Fisher. "Expanding our value proposition for our biotech and pharmaceutical customers with the addition of PPD's leading clinical research services advances our work in bringing life-changing therapies to market, benefitting patients around the world." Thermo Fisher expects to realize approximately $125 million worth of synergies by the third year following closure. The deal will also see Thermo Fisher assume $3.0 billion worth of PPD’s debt.

Thermo Fisher is the world leader in serving science and generates annual revenue of around $40 billion from its various segments. The addition of PPD will see it ‘offer a comprehensive suite of world-class services across the clinical development spectrum − from scientific discovery, to assessing safety, efficacy, and health care outcomes, to managing clinical trial logistics, to the development and manufacturing of the drug product.’ PPD is also expected to be a notable contributor to Thermo Fischer's earnings. For the three months ended September 30, 2021, the CRO reported revenue of $1,560.8 million - a 26.5% increase compared to the three months ended September 30, 2020. The company went public early last year and raised $1.62 billion after selling 60 million shares, valuing it at $9.16 billion based on the outstanding shares listed in its filings.