Thermo Fisher Wins Conditional Approval for Life Deal From EU

Thermo Fisher Scientific Inc., the second-biggest maker of life-sciences equipment by market value, won conditional European Union approval for its $13.6 billion bid for Life Technologies Corp. (LIFE)

The European Commission said the approval is conditional on divestments of businesses producing and supplying media and sera for cell culture, gene silencing products and polymer-based magnetic beads.

“The remedies preserve competition and innovation in the life-sciences industry,” EU competition Commissioner Joaquin Almunia said in an e-mailed statement today.

Life, based in Carlsbad, California, makes laboratory equipment that helps to map DNA, information used to diagnose disease, identify risks of certain conditions or better target medicines. The market for gene tests may expand to $25 billion from $5 billion within a decade as more doctors use a patient’s genetic makeup to tailor treatments, according to a report last year from UnitedHealth Group Inc. (UNH)

Thermo Fisher’s $76-a-share offer also includes the assumption of $2.2 billion in debt, Waltham, Massachusetts-based Thermo Fisher said earlier this year. With the debt, the deal is valued at about $15.8 billion.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.