Nordic Capital and Five Arrows to sell The Binding Site, a global leader in specialty diagnostics, to Thermo Fisher Scientific
Nordic Capital and Five Arrows have entered into a definitive agreement to sell The Binding Site, a global leader in specialty diagnostics, to Thermo Fisher Scientific (NYSE:TMO), the world leader in serving science. The transaction is valued at GBP 2.25 billion. Since the acquisition of The Binding Site in 2011, the business has made an impressive transformation from a founder-led research-based organisation to a leader in delivering innovative medical solutions that improve the detection, diagnosis and management of blood cancers and immune system disorders.
The transformation has been achieved by significant investments into its technology, growth and with a dedicated focus on R&D to support research and drive improved clinical outcomes. Since 2011, The Binding Site has grown fivefold with revenues amounted to approximately GBP 200 mn in 2022 and more than 40 million tests sold on a global scale. The Binding Site’s Freelite® offering is widely recommended for Multiple Myeloma diagnosis and monitoring across multiple stages of the disease by many major clinical diagnosis and treatment guideline publications. By joining Thermo Fisher Scientific, the world leader in serving science, The Binding Site will be even better positioned to accelerate scientific discovery and expand its product offering.