Benzinga | Apr 15, 2021 07:03AM EDT

Thermo Fisher Scientific To Acquire PPD, Inc. For $47.50//Share, For Total Cash Purchase Price Of $17.4B

Thermo Fisher Scientific Inc. (NYSE:TMO) ("Thermo Fisher"), the world leader in serving science, and PPD, Inc. (NASDAQ:PPD) ("PPD"), a leading global provider of clinical research services to the pharma and biotech industry, today announced that their boards of directors have approved a definitive agreement under which Thermo Fisher will acquire PPD for $47.50 per share for a total cash purchase price of $17.4 billion plus the assumption of approximately $3.5 billion of net debt. This represents a premium of approximately 24% to the unaffected closing price of PPD's common stock on the Nasdaq as of Tuesday, April 13, 2021, or 32% to the 60-day VWAP inclusive of that date.