Pharmaceutical products and services company Thermo Fisher Scientific (NYSE: TMO)’s acquisition of CorEvitas from Audax Private Equity complements its clinical research business. The deal was a $912.5 million all-cash transaction.
Tech Driven Life Sciences
Based in Waltham, Mass., CorEvitas offers real world evidence services for approved medical treatments and therapies to pharmaceutical and biotechnology companies. Real world evidence refers to the collection and use of patient health outcome data gathered through routine clinical care. CorEvitas manages 12 registries, which include nine autoimmune and inflammatory syndicated registries.
For Thermo Fisher, direct access to CorEvitas’ proprietary data provides a seamless opportunity to deliver a holistic, tech-driven life sciences platform to its customers and end-patient users for their real world evidence needs. The deal involved incorporating more than 1,000 peer-reviewed case studies, 300,000-plus years of patient follow-ups across registries (the industry measure used to quantify the scale of an organization’s patient reach), and additional evidence documentation and data into Thermo Fisher’s laboratory products and biopharma services segment.
“CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business,” Marc Casper, chairman, president and CEO of Thermo Fisher said when the acquisition was announced. “There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development.”
Audax acquired CorEvitas in December of 2019. During its ownership, Audax integrated five add-on acquisitions, positioning CorEvitas as a more attractive future investment.
For more Deals of the Year coverage, see Mergers and Acquisitions Names the 2024 Middle-Market Deals of the Year.
