Thermo fisher scientific inc [NYSE: TMO] revealed that the company has signed a definitive contract to purchase Mesa Biotech. Thermo will pay a value price of nearly $450 Million in cash for this transaction. Upon the completion of certain targets, TMO will pay an additional payment of $100 Million in cash according to the contract.
The molecular diagnostic company mesa has made a testing platform based on PCR, available to detect diseases. The Rapid point of care platform will be able to identify viruses such as SARS-CoV-2, Influenza A and B, RSV, and Strep A. The California-based company has currently 500 employees and generated $45million in revenue in 2020.
“The biotech’s platform will aid us in enhancing the accessibility of dependable molecular diagnostic at the point of care. Since the pandemic started, TMO has provided quick support to professionals combating covid from the frontlines. Additionally, Mesa’s rapid test addition complements our existing offerings greatly. Moreover, It will further enable us to meet the covid related testing demands of the market ”. Said Mark Stevenson EVP and COO of TMO