Thermo Fisher acquires CorEvitas from Audax for $912.5M in accretive deal

Thermo Fisher Scientific announced it has entered into a definitive agreement to acquire CorEvitas from Audax Audax for $912.5M in cash. CorEvitas manages 12 registries, including nine autoimmune and inflammatory syndicated registries. Its multi-therapeutic data intelligence platform builds and scales multiple clinical registries across specific therapeutic areas to gather structured patient clinical data spanning more than 400 investigator sites and over 100,000 patients followed longitudinally. CorEvitas has been a partner to pharma and biotech customers for more than 20 years. With approximately 300 employees, operational momentum and strong leadership, CorEvitas is well positioned to grow its revenue organically in the low double digits, with expected revenue of $110M in 2023. Raymond H. Hill, chairman and chief executive officer of CorEvitas, said, “This is an exciting next step for CorEvitas. Thermo Fisher shares our science-led and mission-driven culture and commitment to driving innovation and improving patient outcomes. I am confident that becoming part of a global leader with deep life science expertise, commercial reach, international presence, and proven operational excellence will provide significant opportunities for both our customers and our colleagues. I look forward to working with the entire Thermo Fisher team as we enter this next phase of growth.” The transaction, which is expected to be completed by the end of 2023, is subject to customary closing conditions, including regulatory approvals. Upon completion, CorEvitas will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment. The transaction is expected to be immediately accretive to adjusted earnings per share by $0.03 in 2024.