Fisher Uses Senior Notes To Fund $3.5B Phadia Purchase
WALTHAM, Mass. (AP) — Scientific instrument maker Thermo Fisher Scientific Inc. said Tuesday that it will offer senior notes to help fund its $3.5 billion acquisition of the privately held Swedish company Phadia, which makes blood test systems for allergy and auto-immune diseases.
Thermo Fisher, based in Waltham, Mass., announced the deal in May and said then that it expects the acquisition to be completed in the fourth quarter. It will buy Phadia from the European private equity firm Cinven.
Phadia's brands include ImmunoCAP for allergy tests and EliA for autoimmune tests. The Swedish company had total sales of about $525 million last year.
Thermo Fisher said Tuesday in a brief statement joint book-running managers for its offering are Barclays Capital Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; and J.P. Morgan Securities LLC.
Shares of Thermo Fisher climbed 2.7 percent, or $1.37, to $51.38 in afternoon trading, while broader trading indexes climbed nearly 2 percent or more.