PPD Inc.

Thermo Fisher Scientific (NYSE:TMO) announced today that it completed its previously announced $17.4 billion acquisition of PPD.

Waltham, Massachusetts-based Thermo Fisher announced in April that it would acquire the company that provides clinical research services to the biopharma and biotech industry. PPD ceased trading on the Nasdaq prior to opening today and will become part of Thermo Fisher’s laboratory products and services segment.

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Thermo Fisher Scientific (NYSE:TMO) announced today that it agreed to acquire PPD (NSDQ:PPD) for $17.4 billion.

The boards of directors for both companies approved the definitive agreement, which will see Thermo Fisher buy PPD for $47.50 per share, totaling $17.4 billion, plus the assumption of approximately $3.5 billion of net debt, according to a news release. That represents a premium of approximately 24% to the unaffected closing price of PPD’s common stock on Tuesday, April 13, 2021.

Get the full story at our sister site, Drug Discovery & Development.