Thermo Fisher Scientific and Olink Holding have announced that their respective boards of directors have approved Thermo Fisher’s proposal to acquire Olink for USD 26.00 per common share in cash, representing USD 26.00 per American Depositary Share (ADS) in cash.
Thermo Fisher will commence a tender offer to acquire all of the outstanding Olink common shares and all of the American Depositary Shares. The transaction values Olink at approximately USD 3.1 billion which includes net cash of approximately USD 143 million.
The transaction values Olink at approximately USD 3.1 billion which includes net cash of approximately USD 143 million.”
“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine,” says Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher. “Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher.”
Completed by mid-2024
The transaction, which is expected to be completed by mid-2024, is subject to customary closing conditions, including receipt of applicable regulatory approvals, and completion of the tender offer. As part of the transaction, Summa Equity AB, Olink’s largest shareholder and additional Olink shareholders and management, in aggregate holding more than 63% of Olink’s common shares, have entered into support agreements agreeing to tender into the tender offer. Thermo Fisher expects to fund the acquisition using cash on hand and debt financing. Upon completion, Olink will become part of Thermo Fisher’s Life Sciences Solutions segment.
“Olink is dedicated to improving the understanding of human biology by accelerating the use of next-generation proteomics and providing industry-leading data quality at unprecedented scale. Thermo Fisher’s deep life sciences expertise, global reach and proven operational excellence will enable significant opportunities for both customers and colleagues, while also providing immediate value to our shareholders,” says Jon Heimer, CEO of Olink.
Olink is on track to deliver over USD 200 million of revenue in 2024 and, as part of Thermo Fisher, is expected to grow mid-teens organically. In the first full year of ownership, the transaction is expected to be dilutive to adjusted EPS by USD 0.17. Excluding financing costs and non-cash deal related equity compensation costs, the transaction is expected to be accretive by USD 0.10 in that period. Thermo Fisher expects to realize approximately USD 125 million of adjusted operating income from revenue and cost synergies by year five following close.
Photo of Jon Heimer: Mats Lundqvist