Thermo Fisher Scientific (NYSE:TMO) announced today that completed its previously announced acquisition of Mesa Biotech.

Last month, Waltham, Mass.-based Thermo Fisher announced its agreement to buy the point-of-care molecular diagnostic developer for approximately $450 million in cash. Mesa Biotech will become part of Thermo Fisher’s life sciences solution segment and is expected to bring in revenue of approximately $200 million in 2021, according to a news release.

The San Diego-based company has approximately 500 employees and revenues in 2020 of approximately $45 million.

Under the terms of the agreement, Thermo Fisher will pay up to an additional $100 million in cash upon the completion of certain milestones as well.

Mesa Biotech develops the Accula system for point-of-care PCR-based testing for infectious disease diagnoses. The affordable, easy-to-use platform enables rapid, accurate testing at physician offices, pharmacies and other settings, with results available in 30 minutes.

In addition to COVID-19 testing on the platform, there is also flu, respiratory syncytial virus (RSV) and Strep A testing capability through Mesa Biotech’s Accula system.

Accula Flu A/Flu B, RSV and Strep A tests all have FDA 510(k) clearance and Clinical Laboratory Improvements Amendments (CLIA) waivers, while all but the Strep A test also received CE IVD Mark approval in Europe. Accula has FDA emergency use authorization (EUA) for testing for SARS-C0V-2, the virus causing COVID-19.

“Mesa Biotech is an important part of our strategy to expand the benefits of molecular diagnostics at the point of care, starting with COVID-19 testing,” Thermo Fisher EVP & COO Mark Stevenson said in the release. “By combining Thermo Fisher’s operational excellence, access to raw materials and existing distribution and sales channels with Mesa’s innovative platform, we can rapidly scale manufacturing volume, drive cost efficiencies and bring much-needed diagnostics to market faster and at greater scale.

“The Accula system complements our existing offerings and immediately provides our clinical customers with more options and flexibility for COVID-19 testing. And, as the point-of-care diagnostic market expands globally, we’re well-positioned to deliver a broader menu of tests to meet increasing demand.”