Thermo Fisher will additionally pay up to $100m in cash, after reaching certain milestones post-closing of the transaction
Healthcare technology provider Thermo Fisher Scientific has agreed to acquire US-based molecular diagnostic company Mesa Biotech for around $450m in cash.
Under the terms of the agreement, Thermo Fisher is also expected to make an additional payment of up to $100m in cash, subject to reaching certain milestones post-closing of the transaction.
The acquisition is planned to be completed in the first quarter of 2021, subject to customary closing conditions, including regulatory approval.
Once the transaction is completed, Mesa Biotech operate as a part of Thermo Fisher’s Life Sciences Solutions Segment.
Thermo Fisher Scientific chief operating officer and executive vice president Mark Stevenson said: “Mesa Biotech’s innovative platform will enable us to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care.
“Since the start of the pandemic, Thermo Fisher has acted quickly to provide support to the scientists and healthcare professionals at the frontlines of combating Covid-19.”
Mesa Biotech developed Accula Flu A/Flu B, RSV and Strep A test platform
Mesa Biotech is a California-based diagnostics firm that developed and commercialised a PCR-based rapid point-of-care testing platform for SARS-CoV-2, Influenza A and B, respiratory syncytial virus (RSV) and Strep A.
The company’s Accula Flu A/Flu B, RSV and Strep A tests have been granted US Food and Drug Administration (FDA) 510(k) approval and Clinical Laboratory Improvements Amendments (CLIA) waivers.
Also, the system has been granted an FDA Emergency Use Authorization (EUA) for the in vitro diagnostic testing of SARS-CoV-2.
The test is currently available for use in patient care settings, providing accurate results compared to other available rapid tests, within 30 minutes.
Mesa Biotech president and chief executive officer Ingo Chakravarty said: “I am extremely proud of the remarkable accomplishments Mesa Biotech has achieved to date and excited about the prospects of becoming a part of Thermo Fisher.
“Mesa’s innovative rapid PCR platform technology, combining PCR accuracy with mobility and test results in 30 minutes, has already played a meaningful role in the collective efforts combating the pandemic.
“Thermo Fisher’s scale, innovation and global reach will allow us to more significantly amplify the impact our technology will have on human health, during the pandemic, and far beyond.”
Recently, Thermo Fisher has closed the acquisition of Henogen, a Belgium-based viral vector manufacturing business of Groupe Novasep (Novasep), for around €725m.