RTTNews | Jan 19, 2021 08:16AM EST

08:15 Tuesday, January 19, 2021 (RTTNews.com) - Thermo Fisher Scientific Inc. (TMO) said Tuesday it has agreed to acquire Mesa Biotech, Inc., a privately held molecular diagnostic company, for about $450 million in cash.

Under the terms of the deal, Thermo Fisher will pay up to an additional $100 million in cash upon the completion of certain milestones following the close of the transaction.

Thermo Fisher expects the transaction to be completed in the first quarter of 2021. Upon completion, the business will become part of Thermo Fisher's Life Sciences Solutions Segment.

Mesa Biotech has developed and commercialized a PCR-based rapid point-of-care testing platform available for detecting infectious diseases including SARS-CoV-2, Influenza A and B, respiratory syncytial virus (RSV) and Strep A.

The San Diego, California-based company has about 500 employees and 2020 revenues of about $45 million.

Mesa Biotech's Accula Flu A/Flu B, RSV and Strep A tests have received 510(k) clearance and Clinical Laboratory Improvements Amendments or CLIA waivers from the U.S. Food and Drug Administration or FDA.

The Accula System has also received Emergency Use Authorization or EUA from the FDA for SARS-CoV-2 in vitro diagnostic testing and is now available for use in patient care settings. The Accula System provides results within 30 minutes, with higher accuracy compared to other rapid tests on the market.

Read the original article on RTTNews ( https://www.rttnews.com/3161446/thermo-fisher-to-buy-molecular-diagnostics-company-mesa-biotech-for-about-450-mln-quick-facts.aspx)

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