Thermo Fisher Scientific

Thermo Electron was co-founded in 1956 by George N. Hatsopoulos and Peter M Nomikos. Hatsopoulos received a PhD from MIT in mechanical engineering and Nomikos was a Harvard Business School graduate.[10] The company focused on providing analytical and laboratory products, and had revenues of over $2 billion in 2004.[11]

Fisher Scientific was founded in 1902 by Chester G. Fisher from Pittsburgh.[12][13] It focused on providing laboratory equipment, chemicals, supplies and services used in healthcare, scientific research, safety, and education.[14]

On May 14, 2006, Thermo Electron and Fisher Scientific announced that they would merge in a tax-free, stock-for-stock exchange; the merged company was named Thermo Fisher Scientific, and had about 30,000 employees, and reported US$9 billion in combined revenue.[15] On November 9, 2006, the companies announced that the merger had been completed.[15] However, the Federal Trade Commission ruled that this acquisition was anti-competitive regarding centrifugal evaporators, requiring Fisher to divest Genevac.[16] In April 2007, Genevac was sold to Riverlake Partners LLC[17] and the merger closed with FTC approval.[18]

Today, the company's products are sold under the brand names of Thermo Scientific, Fisher Scientific, and several other recognized brand names (e.g. Chromacol, Nalgene, Cellomics, Pierce Protein Research and Fermentas). According to company figures, 46% of its sales are in life sciences, 20% in healthcare, and 34% in industrial/environmental and safety.[14]

Thermo Fisher Scientific has offices and operations worldwide, notably in the U.S. and in Europe,[19] and China having 5,000 employees and contributing over 10% of the company's revenue.[20]

In December 2010, Thermo Fisher Scientific announced its acquisition of Dionex for $2.1 billion.[21]

In May 2011, Thermo Fisher Scientific Inc. bought Phadia to expand into the testing of allergies and autoimmune diseases for €2.47 billion ($3.5 billion) in cash.[22]

In April 2013, after a competitive bidding with Hoffmann-La Roche,[23] Thermo Fisher acquired Life Technologies Corporation for US$13.6 billion in a deal, adding further service lines related to advanced DNA sequencing and genetic testing.[24]

In February 2015, the company announced it would acquire Advanced Scientifics for $300 million in a cash-deal. ASI designs, manufactures and delivers technologies used in bioprocessing.[25] In June 2015, the company announced its intention to acquire Alfa Aesar, a global manufacturer of research chemicals for $405 million[26] from Johnson Matthey, and the acquisition was completed at the end of September[27]

In January 2016, the company announced it would acquire Affymetrix for $1.3 billion.[28] On May 27, 2016, the company announced it would acquire FEI Company for $4.2 billion, a manufacturer of electron microscopes.[29][30] This acquisition is anticipated to close in early 2017 and will contribute to the growth of Thermo's Analytical Instruments business group.[31] In November the company announced it would acquire MTI-GlobalStem, a previously privately held company that develops reagents for cell transfection, neurobiology and stem cell research.[32]

In February 2017, the company acquired Finesse Solutions, Inc., developer of scalable control automation systems and software for bioproduction after receiving early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.[33] The transaction was completed a day later.[34] In March, the company announced it would acquire Core Informatics, provider of cloud-based platforms supporting scientific data management.[35] In August, the company acquired Patheon, a contract development and manufacturing organization serving the pharmaceutical and biotechnology sectors, for approximately $7.2 billion.[36] As of 2017, the company had revenues of $20.9 billion, and was a Fortune 500 company.[37]

In September 2018, Thermo Fisher Scientific announced it had signed a definitive agreement with Becton, Dickinson and Company (BDX) to acquire their Advanced Bioprocessing business. This BD business had annualized revenue of approximately $100 million; as of October 16, 2018, it had been integrated into Thermo Fisher's Life Sciences Solutions Segment.[38]

In March 2019, Thermo Fisher Scientific announced its entry into the gene therapy manufacturing market with a $1.7 billion cash acquisition for Brammer Bio.[39][40][41] In May 2019, Thermo Fisher Scientific partnered with MMJ International Holdings to manufacture drug products developed by MMJ for the treatment of multiple sclerosis and Huntington's disease.[42][43] In June, the business announced it would acquire mass spectrometry software provider, HighChem.[44]

In March 2020, Thermo Fisher Scientific agreed to purchase Qiagen, a molecular diagnostics company, for $10.1 billion.[45] In July, the offer for Qiagen was raised from €39 to €43 per share (€11.3 billion in total).[46][47] On August 13, the company announced that its offer to acquire all of the ordinary share had lapsed, and it terminated the acquisition agreement.[48]

In August 2020, Thermo Fisher Scientific opened its new Lenexa facility aimed at boosting the production and manufacturing of COVID-19 testing supplies.[49] In December the business announced it would acquire Phitonex, Inc.[50]

In January 2021, Thermo Fisher Scientific announced it had acquired Belgium-based viral vector manufacturer, Henogen SA, from Groupe Novasep SAS for €725 million in cash[51][52] and Mesa Biotech, Inc. for up to $550 million.[53][54]

In April 2021, Thermo Fisher Scientific announced the acquisition of PPD, Inc., a contract research organization, for a total cash purchase price of $17.4 billion-plus the assumption of approximately $3.5 billion of net debt. PPD generated $4.7 billion in revenue during FY 2020, and this transaction, which values their company at approximately $20.9 billion.[55] In November, the business announced it would acquire PharmaFluidics and its μPAC range of micro-chip-based chromatography products.[56]

In October 2022, the company agreed to buy British diagnostics firm, The Binding Site Group, in an all-cash deal for US$2.6 billion from Nordic Capital.[57][58]

In February 2019, Thermo Fisher Scientific announced that it would stop selling its equipment in Xinjiang.[67] In June 2020, Thermo Fisher Scientific was reported to sell its equipment to security services in China for use in what was alleged as part of a genetic surveillance program.[68] A report from the Australian Strategic Policy Institute found that Thermo Fisher Scientific collaborated with the Chinese Ministry of Public Security to develop a Huaxia PCR amplification kit specifically to identify the genotypes of Uyghur, Tibetan and Hui ethnic minorities.[69] In June 2021, The New York Times reported that, despite bans, Thermo Fisher Scientific equipment continued to be sold to police in Xinjiang.[70]

In October 2021 the estate of Henrietta Lacks sued to get past and future payment for the alleged and widely known unauthorized sale by Thermo Fisher Scientific of her HeLa cells which are essential in many types of research.[71] Over 50 million tons of her cells have been produced and used in over 60,000 scientific studies touching virtually every realm of medicine, including the development of polio vaccines, gene mapping, in-vitro fertilization, and multitudes more.[72][73][74]

In May of 2022, it was announced Thermo Fisher Scientific went to court to seek a dismissal of the lawsuit.[75]

In 2013, Opengate Capital Group LLC filed suit against Thermo Fisher Scientific for selling it a manufacturing plant controlled by a drug cartel. According to Opengate Capital, the company withheld important documents and pressured employees into concealing the presence of the gang.[76][77]