Bulletin
Investor Alert

Market Pulse Archives

April 15, 2021, 7:17 a.m. EDT · CORRECTED

Thermo Fisher to buy PPD, in a cash deal valued at $17.4 billion, plus debt

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    PPD Inc. (PPD)
  • X
    Thermo Fisher Scientific Inc. (TMO)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

This replaces an earlier item that incorrectly reported the deal value. It has been corrected.

Shares of PPD Inc. /zigman2/quotes/204871412/composite PPD -0.11% rallied 7.3% in premarket trading Thursday, after Thermo Fisher Scientific Inc. /zigman2/quotes/201150432/composite TMO -0.36% confirmed an agreement to buy the pharmaceutical-testing company in a cash deal valued at $17.4 billion, plus the assumption of $3.5 billion in debt. Thermo Fisher shares gained 3.1% ahead of the open. Under terms of the deal, Thermo Fisher will pay $47.50 for each PPD share outstanding, which is a 10.5% premium to Wednesday's closing price of $43.00, and implies a market capitalization for PPD of $16.64 billion. The deal was reported by The Wall Street Journal late Wednesday. Thermo Fisher said it expects cost synergies of about $75 million after the deal's closing, which is expected to occur by the end of 2021, and expects the deal to add $1.40 to adjusted earnings per share in the first 12 months after the close. PPD's stock has rallied 25.7% year to date through Wednesday and Thermo Fisher shares have edged up 2.6%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has gained 9.8%.

/zigman2/quotes/204871412/composite
US : U.S.: Nasdaq
$ 46.10
-0.05 -0.11%
Volume: 3.15M
May 7, 2021 4:00p
P/E Ratio
86.46
Dividend Yield
N/A
Market Cap
$16.18 billion
Rev. per Employee
$180,057
loading...
/zigman2/quotes/201150432/composite
US : U.S.: NYSE
$ 468.45
-1.69 -0.36%
Volume: 1.44M
May 7, 2021 4:00p
P/E Ratio
23.57
Dividend Yield
0.22%
Market Cap
$184.11 billion
Rev. per Employee
$402,725
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.05B
May 7, 2021 5:15p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.