Thermo Fisher Scientific to Buy CorEvitas
US scientific services supplier Thermo Fisher Scientific has agreed to acquire CorEvitas, a provider of registry data and analytic services, from Audax Private Equity for $912.5 million in cash. The transaction, which is expected to be completed by the end of 2023, is subject to customary closing conditions, including regulatory approvals.
Waltham, Massachusetts-based CorEvitas provides regulatory-grade, real-world evidence solutions to pharmaceutical and biotechnology companies with objective data and clinical insights to improve patient care and clinical outcomes. It manages 12 registries, including nine autoimmune and inflammatory syndicated registries.
Thermo Fisher said that real-world evidence is a high growth market segment as pharmaceutical and biotechnology customers, as well as regulating bodies, are increasingly looking to monitor and evaluate the safety of approved therapies and examine their effectiveness and value in the post approval setting.
With approximately 300 employees, operational momentum and strong leadership, CorEvitas is said to be well positioned to grow its revenue organically in the low double digits, with expected revenue of $110 million in 2023.
“The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition. CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business,” said Marc N. Casper, chairman, president and CEO of Thermo Fisher.
Raymond H. Hill, chairman and CEO of CorEvitas, added: “This is an exciting next step for CorEvitas. Thermo Fisher shares our science-led and mission-driven culture and commitment to driving innovation and improving patient outcomes.”
Upon completion of the transaction, CorEvitas is to become part of Thermo Fisher's Laboratory Products and Biopharma Services segment.
