Thermo Fisher Scientific Completes Acquisition of Phadia

Thermo Fisher Scientific Inc. reported that it has completed its previously announced acquisition of Phadia, a global leader in blood tests for the clinical diagnosis and monitoring of allergies and autoimmune diseases. Based in Uppsala, Sweden, Phadia has approximately 1,500 employees globally and had 2010 revenue of EUR 367 million (or approximately $525 million). Phadia will become part of Thermo Fisher's Specialty Diagnostics business.

"We are pleased to complete the acquisition of Phadia, which significantly enhances our presence in high-growth specialty diagnostics markets by adding leading allergy and autoimmunity diagnostic tests," said Marc N. Casper, president and chief executive officer of Thermo Fisher. "Phadia provides us with growth opportunities in an under-penetrated U.S. market and allows us to leverage our strong presence in emerging geographic markets. We are delighted to welcome Phadia's employees to our team and look forward to working together to expand our depth of capabilities for our customers who are focused on improving healthcare through better diagnostics."

Phadia is expected to contribute $0.07 to Thermo Fisher's 2011 full year adjusted earnings per share (EPS). This is a $0.01 increase over the original estimate of $0.06, reflecting more favorable financing rates that will primarily benefit fourth quarter results. Due to the $0.07 impact of Phadia, Thermo Fisher is raising its 2011 full year adjusted EPS guidance to a new range of $4.15 to $4.25, which would result in 20% to 23% EPS growth over 2010. In addition, Phadia is expected to add $190 million to Thermo Fisher's 2011 revenue results. Therefore, the company is also raising its 2011 revenue guidance to a new range of $11.79 billion to $11.89 billion, for approximately 12% revenue growth over 2010.

Source: Thermo Fisher Scientific