Phadia nets Cinven £2.5bn

Marion Dakers
BUY-OUT group Cinven has sold Phadia, a maker of allergy and auto-immune tests, to Thermo Fisher Scientific for €2.47bn (£2.18bn), it announced yesterday.

Cinven paid €1.29bn for Sweden-based Phadia in January 2007, and has expanded the firm’s US and Asian market shares.

The deal, set to close in the fourth-quarter, is expected to increase Thermo’s earnings by 26 to 30 cents per share in 2012, the US-based buyer said.

“It’s a decent deal for them,” said Peter McDonald, an analyst at Auriga USA. “It fits well with their speciality diagnostics business, it leverages some of their infrastructure, and it will probably do well.”

Thermo shares rose 4.5 per cent to $65.60 yesterday.

Phadia reported revenues of €367m in 2010, continuing its streak of 10 per cent annual revenue growth.

Barclays is advising Thermo Fisher Scientific, while Goldman Sachs is acting as financial adviser to Phadia.