Thermo Fisher Scientific Inc. is acquiring Olink Holding AB in a deal that values the pharmaceutical products and services company at about $3.1 billion.

Thermo Fisher’s purchase of the Uppsala, Sweden-based company improves its capabilities in protein analysis. Both boards approved Thermo Fisher’s proposal for $26 per share in cash. The deal is expected to be completed by mid-2024.

“Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms,” says Marc Casper, CEO of Thermo Fisher, according to Bloomberg News.