Thermo Fisher Acquires Audax-Backed CorEvitas For Over $900M

Thermo Fisher Scientific Inc TMO agreed to acquire CorEvitas LLC from Audax Private Equity for $912.5 million in cash.

CorEvitas, based in Waltham, Massachusetts, with operations focused in the U.S., provides regulatory-grade, real-world evidence solutions to pharmaceutical and biotechnology companies with objective data and clinical insights to improve patient care and outcomes. 

CorEvitas manages 12 registries, including nine autoimmune and inflammatory syndicated registries. Its multi-therapeutic data intelligence platform builds and scales multiple clinical registries across specific therapeutic areas to gather structured patient clinical data spanning more than 400 investigator sites, and over 100,000 patients followed longitudinally.

Also Read: The First Test To Detect Preeclampsia From Thermo Fisher Gets FDA Approval.

CorEvitas has approximately 300 employees and is positioned to grow its revenue organically in the low double digits, with expected revenue of $110 million in 2023.

"The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition. CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business," said Marc N. Casper, chairman, president, and CEO of Thermo Fisher. 

The transaction is expected to be completed by the end of 2023. CorEvitas will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment upon completion.

The transaction is expected to be immediately accretive to adjusted earnings per share by $0.03 in 2024.

Price Action: TMO shares are down 1.28% at $513.95 on the last check Thursday.

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