Thermo Fisher Scientific nears $3.1 billion acquisition of Swedish Olink after UK antitrust clearance

Thermo Fisher Scientific is set to complete its $3.1 billion acquisition of Olink, a Swedish company specializing in protein analyzers, antibody tests and research services, following approval from the U.K. Competition and Markets Authority (CMA).

The CMA, which began an initial investigation into the deal in mid-May, announced on Wednesday that it had reviewed and approved the acquisition, meeting a July 8 deadline for a deeper investigation. The approval marks the latest regulatory milestone for Thermo Fisher, which previously received approvals from antitrust authorities in Iceland and Germany.

The president of the German Bundeskartellamt, Andreas Mundt, has stressed the importance of investigating mergers in the life sciences sector, especially in proteomics, a field that is crucial for public health. “When a large life sciences company acquires an innovative biotech company, it is crucial to carefully analyze the markets and understand how the different activities and branches of research complement each other,” Mundt said in an announcement on June 17. He added that the merger would result in “only a modest increase in market share” and that potential risks such as product bundling or market exclusion are not expected to materialize.

The CMA expressed a similar view, saying it would publish more details of its decision, which did not set any conditions, at a later date.

Thermo Fisher announced its bid for Olink last October, agreeing to pay $26 per share, a 74% premium over Olink’s stock price at the time. The deal includes Olink’s high-throughput protein analysis assays, which can be run on the lab’s existing qPCR instruments and next-generation sequencers, as well as the company’s international operations in Boston, Tokyo and Shanghai.

Marc Casper, president and CEO of Thermo Fisher, emphasized the strategic importance of the acquisition in advancing life sciences research and precision medicine. “The acquisition of Olink underscores the profound impact of proteomics as our customers continue to advance life sciences research and precision medicine,” Casper said in the company’s announcement last fall.

The closing of this agreement, expected in mid-July, comes just as the CMA approval coincides with the expiration of Thermo Fisher’s tender offer for Olink’s outstanding shares. With this regulatory approval, Thermo Fisher is poised to expand its capabilities in the emerging field of proteomics, further solidifying its leadership position in life sciences.

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