Thermo Fisher Scientific Inc. Announces Acquisition Of Patheon NV For $7.2 Billion
Written by StockNews.com
Patheon NV (NYSE: PTHN) shares were jumping higher on Monday morning, following news that the drug ingredients maker would be acquired by Thermo Fisher Scientific Inc. (NYSE: TMO).
The $35 per-share buyout represents a more than 34% premium over PTHN’s Friday closing price of $25.99. In total, the deal is worth $7.2 billion, including $2 billion of net debt.
Based in Amsterdam, Patheon’s U.S.-listed shares began trading on the NYSE back in July 2016. The company’s high-growth business focuses on the complex development and manufacturing services (CDMO) market, servicing primarily biopharmaceutical companies.
The two companies commented via press release:
Said Marc N. Casper, President & CEO of Thermo Fisher Scientific:
“Patheon’s development and manufacturing capabilities are an excellent complement to our industry-leading offering for the biopharma market.
Our combined capabilities will enhance our unique value proposition for these customers, create significant value for our shareholders and further accelerate our company’s growth.”
James C. Mullen, chief executive officer of Patheon, said:
“Over the past several years, we have increased our capabilities to become a leading CDMO provider in a highly fragmented market.
We are confident that our combined offerings and Thermo Fisher’s proven track record of disciplined M&A and successful integrations will take our business to the next level.”
Patheon NV shares were trading at $34.58 per share on Monday morning, up $8.58 (+33.00%). Year-to-date, PTHN has gained 20.45%, versus a 7.72% rise in the benchmark S&P 500 index during the same period...
Meanwhile, Thermo Fisher Scientific Inc. shares were trading at $172.59 per share on Monday morning, up $1.07 (+0.62%). Year-to-date, TMO has gained 22.43%. TMO currently has a StockNews.com POWR Rating of A (Strong Buy) and is ranked #1 of 53 stocks in the Medical – Diagnostics/Research category.
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