Announces $1.0 Billion Share Repurchase Program for Q4 2022
Separately Enters Into Agreement to Acquire The Binding Site Group
WALTHAM, Mass.–(BUSINESS WIRE)–
Thermo Fisher Scientific Inc. (NYSE: TMO) (“Thermo Fisher”), the world leader in serving science, today provided an update on capital deployment.
Throughout the fourth quarter of 2022, Thermo Fisher expects to execute a $1.0 billion share repurchase program, bringing the total capital deployed on buybacks to $3.0 billion in 2022.
Additionally, in a separate press release issued today, Thermo Fisher announced that it has entered into a definitive agreement to acquire The Binding Site Group (“The Binding Site”), a global leader in specialty diagnostics, in an all-cash transaction valued at £2.25 billion, or $2.6 billion at current exchange rates.
Thermo Fisher continues to execute its disciplined capital deployment strategy through a combination of strategic M&A and return of capital to shareholders. Through its proposed acquisition of The Binding Site and execution of $1.0 billion of share buybacks, in the fourth quarter Thermo Fisher has committed to deploying an additional $3.6 billion of capital, bringing the total capital deployment commitment in 2022 to $6.1 billion.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.
Forward-Looking Statements
This communication contains forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates,” and similar expressions are intended to identify forward-looking statements, but other statements that are not historical facts may also be deemed to be forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the duration and severity of the COVID-19 pandemic; any natural disaster, public health crisis or other catastrophic event; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers’ capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; Thermo Fisher’s discretion to conduct, suspend, or discontinue its share repurchase program; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, including the proposed acquisition of The Binding Site Group, may not materialize as expected; the proposed acquisition of The Binding Site Group not being timely completed, if completed at all; regulatory approvals required for the transaction not being timely obtained, if obtained at all, or being obtained subject to conditions; The Binding Site Group’s business experiencing disruptions as a result of the acquisition or due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; difficulty retaining key employees; the outcome of any legal proceedings related to the proposed acquisition of The Binding Site Group; and the parties being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in Thermo Fisher’s most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the U.S. Securities and Exchange Commission (“SEC”) and available in the “Investors” section of Thermo Fisher’s website, ir.thermofisher.com, under the heading “SEC Filings”. While Thermo Fisher may elect to update forward-looking statements at some point in the future, Thermo Fisher specifically disclaims any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing Thermo Fisher’s views as of any date subsequent to today.
Source: Thermo Fisher Scientific Inc.