Nordic Capital and Five Arrows haveĀ entered into a definitive agreement to sell The Binding Site to Thermo Fisher Scientific. The transaction is valued atĀ GBP 2.25 billion. Since the acquisition ofĀ The Binding Site in 2011, the business has transformed from a founder-led research-based organization to delivering innovative medical solutions that improve the detection, diagnosis, and management of blood cancers and immune system disorders.Ā
“The Binding Site has always been a pioneer in the field of protein diagnostics, which has helped create an exceptional following with key opinion leaders in cancer treatment and strong customer loyalty. It has been a great privilege for us to work with Stefan and his management team and we have every confidence that The Binding Site will continue to thrive under the ownership of Thermo Fisher Scientific,”Ā saysĀ Javed Khan, managing partner of Five Arrows.
The transformation has been achieved by significant investments into its technology, growth, and with a dedicated focus on R&D to support research and drive improved clinical outcomes.Ā Since 2011, The Binding Site has grown fivefold with revenues amounted toĀ approximatelyĀ GBP 200 mnĀ in 2022 and more than 40 million tests sold on a global scale. The Binding Site’s Freelite offering is widely recommended for Multiple Myeloma diagnosis and monitoring across multiple stages of the disease by many major clinical diagnosis and treatment guideline publications, according to the company.Ā By joining Thermo Fisher Scientific, The Binding Site will be even better positioned to accelerate scientific discovery and expand its product offering, the company added.
“We are proud to have partnered with The Binding Site. Their cutting-edge technology and innovative specialty diagnostic solutions improve millions of patient lives globally. During Nordic Capital’s ownershipĀ the company has experienced strong growth and transformation, achieved by a dedicated focus on R&D investment, commercial focus and global expansion. We are grateful to The Binding Site team, for their dedication and for building strong scientific foundations which support the changing needs of patients and clinicians. This transaction marks the culmination of a very successful partnership, a successful outcome for Nordic Capital’s investors and the start of an exciting next phase for the Binding Site,”Ā says Raj Shah, MD, partner and head of Healthcare, Nordic Capital Advisors and Jonas Agnblad, Partner, Nordic Capital Advisors and Board Member, The Binding Site.
Nordic Capital has been the majority owner of the company since 2011 when it completed the acquisition together with Five Arrows. The transaction, which is expected to be completed in the first half of 2023, is subject to customary closing conditions, including regulatory approvals.
“We have enjoyed and benefitted greatly from our long-standing partnership with Nordic Capital and Five Arrows and their sustained active support over the years to help us to realise our vision and deliver for our customers and patients. Their supportive approach to investments in R&D, coupled with deep insights and expertise in healthcare has resulted in a consistent long-strategy focused on growth. This transaction marks the beginning of a new and exciting chapter for The Binding Site,”Ā saysĀ Stefan Wolf, CEO, The Binding Site.