Thermo Fisher Scientific to acquire allergy-testing firm Phadia for $3.5 billion

Thermo Fisher Scientific Inc., the world's largest maker of lab instruments yesterday said that it will pay about €2.47 billion ($3.5 billion) in cash to acquire allergy-testing company Swedish company Phadia.

Waltham, Massachusetts-based Thermo Fisher will buy Phadia from the European private equity firm Cinven, which had acquired the Uppsala, Sweden-based company in 2007 for €1.29 billion during the height of the booming pharmaceutical market.

Phadia develops, manufactures and markets complete blood test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases.

Since its founding in 1967, Phadia has been a pioneer in bringing new allergy diagnostic tests to market, and is the global leader for in vitro allergy diagnostics and a European leader in autoimmunity diagnostics. 

Phadia operates through two leading brands - ImmunoCAP for allergy tests and EliA for autoimmunity tests. 

The company had 2010 revenues of €367 million ($525 million), representing a three-year compounded annual growth rate of 10 per cent on a constant currency basis.