Thermo Fisher to buy Audax’s CorEvitas for $913M
Well, that was quick. Thermo Fisher Scientific agreed to acquire clinical registry data company CorEvitas fr0m Audax for $913 million — just two days after news of the company's auction hit.
Why it's the BFD: The successful sale of a sponsor-backed health tech business could open the deals spigot for other scaled private equity-backed platforms waiting in the wings.
Details: Lab equipment giant Thermo Fisher will pay $912.5 million in cash, according to a statement.
- The transaction is expected to be immediately accretive to adjusted earnings per share by 2024.
- The deal should be completed by the end of the year.
What they're saying: “The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition,” Thermo Fisher CEO Marc Casper said in a statement.
What we're watching: The outcome of Thomas H. Lee Partners' auction of physician practice software provider Nextech.