Thermo Fisher Completes Life Technologies Buy; Establishes Life Sciences SolutionsOriginally published February 3, 2014 at 4:09 p.m., updated February 3, 2014 at 5:19 p.m.
Thermo Fisher Scientific Inc. has completed the $13.6 billion purchase of Carlsbad-based Life Technologies Corp., creating a new local segment of the Massachusetts biotech giant called Life Sciences Solutions.
The deal was first announced in April 2013, and Life Technologies shareholders approved the merger in August 2013. Shares for Life Technologies (Nasdaq: LIFE) ceased trading at market close Feb. 3.
Thermo Fisher (NYSE: TMO) recently shed three of its business units to hasten the Life Technologies acquisition, announcing the sale of its gene modulation, cell culture and magnetic beads units to GE Healthcare for $1.06 billion in early January.
Mark Stevenson, who served as president and chief operating officer at Life Technologies, has been named an executive vice president of Thermo Fisher and president of Life Sciences Solutions.
The deal, includes the assumption of $1.5 billion in net debt, according to a release.
“Our combined offering provides cutting-edge technologies, such as genomics and proteomics, to accelerate life sciences research and improve human health,” Marc N. Casper, president and CEO of Thermo Fisher, said in a statement.