Laboratory and diagnostics equipment maker Thermo Fisher Scientific Inc. said Monday that it will pay $925 million in cash to acquire One Lambda, which makes diagnostics tests used in organ transplants.
Waltham, Massachusetts–based Thermo Fisher said the deal, which includes a plan to retain certain One Lambda employees for three years, is expected to add between 9 and 11 cents to its earnings per share next year. The deal is expected to close in the fourth quarter, pending regulatory approvals.
One Lambda, which is based in Canoga Park, California, makes diagnostics tests used by transplant centers to test the compatibility of donors and recipients, as well as to test for antibodies. One Lambda generated $182 million in revenue last year and its sale is yet another sign of consolidation in the health care and pharmaceutical industries. (Also on Monday, British pharmaceutical giant GlaxoSmithKline said it will pay $3 billion to buy biotechnology company Human Genome Services and private equity TPG Capital agreed to buy generic drug maker Par Pharmaceutical Companies for $1.9 billion.)
Wilmer Cutler Pickering Hale and Dorr is representing Thermo Fisher in connection with the acquisition. Corporate vice-chair Hal Leibowitz is leading a Wilmer team that includes real estate partner Keith Barnett; private client practice chair A. Silvana Giner; M&A partner Jeffrey Hermanson; technology transactions cochair Belinda Juran; and tax partners Robert Burke and Amy Null. Regulatory counsel Cormac O’Daly, real estate counsel Kevin Sullivan Jr., and technology transactions counsel Kimberly Wade are also advising.
Wilmer advised its longtime client Thermo Fisher on the $3.5 billion purchase of Swedish blood diagnostics company Phadia.
Seth Hoogasian serves as Thermo Fisher’s general counsel.
One Lambda, meanwhile, is relying on Sheppard, Mullin, Richter & Hampton as its outside counsel on the sale. Corporate partner Jon Newby is leading a Sheppard Mullin team that also includes tax partner John Bonn and antitrust partner Robert Magielnicki.
Orange County, California–based Latham & Watkins corporate partners Charles Ruck and Scott Shean are representing Perella Weinberg Partners in its role as financial adviser to One Lambda.