Back in May, the Waltham, Mass-based biotechnology product company announced it had agreed to purchase Patheon Patheon for US$7.2 billion or $35 per share. Thermo Fisher has acquired about 138.4 million of the company’s ordinary shares. That number represents roughly 95 per cent of Patheon’s outstanding shares.
The company will be rolled into Thermo Fisher’s laboratory products and services segment.
“We’re pleased to complete our acquisition of Patheon and look forward to the significant value this transaction will create for our customers and our shareholders,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “By adding Patheon’s highly complementary CDMO capabilities to our leading clinical trials services and bioproduction technologies, we will be an even stronger partner for our pharmaceutical and biotech customers.”
Patheon generated approximately $1.9 billion in revenue in 2016.
Thermo Fisher continues to expect to realize total synergies of approximately $120 million by year three following the close, consisting of approximately $90 million of cost synergies and approximately $30 million of adjusted operating income benefit from revenue-related synergies.
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