Thermo Fisher to buy real-world evidence company CorEvitas for $913M
06 Jul 2023
Acquisition
Dive Brief:
Thermo Fisher Scientific said Thursday it has reached an agreement to acquire CorEvitas, a Waltham, Massachusetts-based company that provides real-world evidence for pharmaceutial and biotech companies.
Dive Insight:
CorEvitas has about 300 employees and manages 12 registries across specific therapeutic areas. The company, which forecasts revenue of $110 million in 2023, is set to grow revenue in the low double digits, Thermo Fisher said.
Thermo Fisher expects the acquisition to help the company better serve its pharma and biotech customers and to be “immediately accretive” to its adjusted earnings per share by $0.03 in 2024.
“There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development,” said Casper, who is also chairman and president of the company.
Audax, which invested in CorEvitas in 2019, had been exploring options for the portfolio company, according to a July 4 article from Bloomberg. It garnered interest from other pharma services companies and financial sponsors, but Thermo Fisher emerged as the leading bidder, Bloomberg reported, citing people familiar with the matter.
CorEvitas will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment. The acquisition is expected to close by the end of 2023, and is subject to customary closing conditions, including regulatory approvals.
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