Thermo Fisher Scientific completes acquisition of Life Technologies Corporation
Thermo Fisher Scientific, the world's largest maker of laboratory equipment, recently announced that it had completed its acquisition of Life Technologies Corporation. The deal, valued at $13.6 billion, was originally announced in April 2013, but was put on hold pending antitrust approval from the U.S. Federal Trade Commission (FTC).
Life Technologies is a California-based firm that produces products for scientific research and genetic analysis.
In a press release, Marc Casper, the president and CEO of Thermo Fisher, said that this technology acquisition would make his company a leader in the research and applied sciences fields.
"Our combined offering provides cutting-edge technologies, such as genomics and proteomics, to accelerate life sciences research and improve human health," Casper said. "And our complementary strengths in biosciences and bioprocessing will accelerate drug discovery, development and production. With the addition of Life Technologies, we are in an even stronger position to help our customers achieve their goals for innovation and productivity."
The company also revealed that as of January 1, 2014, its financial performance will be reported in four parts from the following categories:
- Analytical Technologies Segment will be renamed Analytical Instruments
- A new Life Sciences Solutions Segment will be made up of Life Technologies' and Thermo Fisher's biosciences units
- Thermo Fisher's Global Chemicals unit will be moved from the biosciences business to the Laboratory Products and Services Segment
- Two specialty diagnostics divisions within Life Technologies will become part of the Specialty Diagnostics Segment.
As a part of its agreement with the FTC, Thermo Fisher also agreed to sell its cell culture business to GE Healthcare for $1.06 billion.