Thermo Fisher’s board of directors have approved a definitive agreement to acquire PPD for $17.4 billion plus an assumption of about $3.5 billion of net debt, according to a news release.
PPD is a company that tests experimental prescription drugs and provides lab services. Thermo Fisher said it generated a revenue of $4.7 billion in 2020. It’s set to become a part of Thermo’s laboratory products and services segment.
The transaction is expected to be completed by the end of 2021.
Read the full news release here.
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