Thermo Fisher Scientific (NYSE: TMO) has announced it will shed its cell culture (sera and media), gene modulation, and magnetic beads businesses in order to expedite approval from the European Commission (EC) for its pending acquisition of Life Technologies (NASDAQ: LIFE).
Thermo announced the acquisition back in April 2013, but the EC raised concerns that the merger would significantly reduce competition in the life sciences industry. In the latest statement, Thermo said it does not anticipate having to drop any additional divisions in order to win approval from the US Federal Trade Commission, and expects to close the deal in early 2014.
The soon-to-be-divested companies brought in about $225 million in 2012, only 1.7% of the company’s annual revenue of $13 billion. Thermo acquired Life Technologies for $13.6 billion, agreeing to assume the company’s outstanding debt of $2.1 billion.