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Thermo Fisher Scientific Inc. (NYSE:TMO) shares soared in Monday's first hour of trade, after the company announced plans to buy Brammer Bio in a $1.7-billion deal.
Brammer Bio is a leading viral vector contract development and manufacturing organization, enabling biopharma customers to deliver breakthrough medicines to patients by unleashing the potential of gene therapies and gene-modified cell therapies. The business has nearly 600 employees at primary locations in Massachusetts and Florida.
Brammer Bio also claims to be on track to deliver $250 million of revenue in 2019 and expects to continue to exceed the projected market growth rate of 25% over the mid-term. Thermo Fisher expects the business to be accretive to adjusted earnings per share by $0.10 in the first full year of ownership.
Says Marc Casper, heads the Massachusetts-based Thermo Fisher Scientific, and comments, "Gene therapy is an area of increasing focus for our customers and is fast-evolving given its potential to treat a range of genetic disorders.
"The combination of Brammer Bio's viral vector capabilities with our GMP production expertise and proprietary bioprocessing and cell culture technologies uniquely positions us to partner with our customers to drive the evolution of this incredibly fast-growing market."
Thermo Fisher claims to be the world leader in serving science, with revenues of more than $24 billion and approximately 70,000 employees globally.
"Our mission is to enable our customers to make the world healthier, cleaner and safer."
Shares kicked off Monday galloped $3.35, or 1.3%, to $267.16
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