Thermo Fisher Scientific to acquire Ahura Scientific for $145 million in cash
Ahura Scientific’s products expand Thermo Fisher’s portfolio of portable analytical devices designed to provide customers with the ability rapidly to identify and authenticate a range of molecular and elemental substances in the field; Ahura Scientific has approximately 120 employees and generated full-year revenue of approximately $45 million in 2009; Thermo Fisher Scientific had $10.5 billion in revenues in 2008; the company has approximately 35,000 employees and serves more than 350,000 customers
Waltham, Massachusetts-based Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, has signed a definitive agreement to acquire Wilmington, Massachusetts-based Ahura Scientific for $145 million in cash plus the potential for an earn-out payment based on the achievement of certain 2010 financial targets.
Ahura Scientific’s products expand Thermo Fisher’s portfolio of portable analytical devices designed to provide customers with the ability rapidly to identify and authenticate a range of molecular and elemental substances in the field. Ahura Scientific has approximately 120 employees and generated full-year revenue of approximately $45 million in 2009.
Ahura Scientific specializes in the identification of chemicals for safety, security, and pharmaceutical applications. The company’s miniaturized Raman and FT-IR (Fourier-transform infrared) spectroscopy instruments are used in many countries by military and civilian first responders, major pharmaceutical manufacturers, and consumer health organizations. Ahura Scientific products complement the Thermo Scientific line of portable XRF (X-ray fluorescence) elemental analyzers, which are designed for rapid on-site testing of materials for numerous applications, including metal and alloy analysis, quality assurance and control, consumer product safety and environmental analysis.
“The acquisition of Ahura Scientific further enhances our position in handheld analyzers and strengthens our Thermo Scientific brand by expanding the breadth of our portfolio with complementary technologies,” said Marc Casper, president and chief executive officer of Thermo Fisher Scientific. “It also provides the ability to leverage our commercial channel, product development expertise, and software over multiple laboratory and portable instrument platforms. This combination brings together both companies’ leading technologies for portable chemical and elemental analysis, allowing us to create a powerful tool set for our customers that enables laboratory-quality analysis in the field.”
Doug Kahn, chairman and chief executive officer of Ahura Scientific, said, “The entire Ahura Scientific team is excited to be joining the Thermo Fisher organization. The complementary products and mission make this an ideal and logical strategic fit for both companies.”
The transaction, which is expected to close during the first quarter of 2010, is subject to applicable regulatory approvals and a customary post-closing purchase price adjustment. Ahura Scientific will be integrated into Thermo Fisher’s Analytical Technologies Segment. The company does not expect this transaction to have a material impact on its 2010 financial results.
Thermo Fisher Scientific had $10.5 billion in revenues in 2008. The company has approximately 35,000 employees and serves more than 350,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies, as well as environmental and industrial process control settings.
Ahura Scientific, founded in 2002, has been backed by leading venture capital firms, including Fuse Capital, Castile Ventures, and ARCH Venture Partners.
