Thermo Fisher Scientific plans to acquire PPD, a provider of clinical research services to the pharma and biotech industry, for $47.50 per share for a total cash purchase price of $17.4 billion.
The boards of both organizations have approved the deal.
PPD provides a range of clinical research and laboratory services to enable customers to accelerate innovation and increase drug development productivity. PPD has more than 26,000 colleagues operating in nearly 50 countries. In 2020, the company generated revenue of $4.7 billion. Upon close of the transaction, PPD will become part of Thermo Fisher's Laboratory Products and Services Segment.
"Pharma and Biotech is our largest and fastest growing end market, and our customers value us as a strategic partner and an industry leader. The acquisition of PPD is a natural extension for Thermo Fisher and will enable us to provide these customers with important clinical research services and partner with them in new and exciting ways as they move a scientific idea to an approved medicine quickly, reliably and cost effectively," said Marc N. Casper, Chairman, President and Chief Executive Officer, Thermo Fisher Scientific.
