How are energy investors positioned?
WALTHAM, Mass. - Thermo Fisher Scientific Inc. (NYSE: NYSE:TMO), a global leader in serving science, announced today that it has finalized the acquisition of Olink Holding AB (Nasdaq: NASDAQ:OLK), a prominent proteomics company, for approximately $3.1 billion, net of acquired cash. Olink is set to join Thermo Fisher's Life Sciences Solutions segment.
Marc N. Casper, Thermo Fisher's Chairman, President, and CEO, expressed enthusiasm for the acquisition, stating that Olink's proteomics solutions will complement Thermo Fisher's mass spectrometry and life sciences offerings, potentially accelerating scientific breakthroughs globally.
The initial offering period concluded on Monday, with Thermo Fisher securing roughly 98.2% of Olink's outstanding shares. A subsequent offering period is now underway, ending on July 16, 2024, to purchase remaining shares at the same offer price of $26.00 per share or American Depositary Share (ADS), in cash.
Following the acquisition, Olink has initiated the delisting and deregistration process for its ADSs from the NASDAQ Global Market. This action is expected to significantly reduce the liquidity and marketability of any Olink ADSs not tendered in the offer.
This transaction is part of Thermo Fisher's ongoing efforts to enhance its product offerings and support its mission of making the world healthier, cleaner, and safer. Thermo Fisher, with annual revenues exceeding $40 billion, provides a range of services and products for various scientific fields.
The acquisition details were outlined in the tender offer statement filed with the U.S. Securities and Exchange Commission (SEC) on October 31, 2023. Legal counsel for Thermo Fisher was provided by Cravath Swaine & Moore LLP and Advokatfirman Vinge KB, while J.P. Morgan Securities LLC and Goldman Sachs Bank Europe SE served as financial advisors to Olink.
This news is based on a press release statement, and the information contained within has been verified to be factual and free from promotional language. The acquisition is expected to enhance Thermo Fisher's capabilities in the proteomics market and deliver value to its shareholders.
In other recent news, Thermo Fisher Scientific's acquisition of Olink Holding AB has received unconditional approval from the UK Competition and Markets Authority (CMA). This development clears the path for the completion of the acquisition process.
Thermo Fisher, through its subsidiary Orion Acquisition AB, made a tender offer to purchase all outstanding shares of Olink at $26.00 per share. This offer, announced on October 17, 2023, is expected to conclude promptly after the offer's expiration.
The successful completion of the offer depends on Orion Acquisition AB holding more than 90% of Olink's issued and outstanding shares before the offer's expiration, excluding shares held in treasury or by Olink subsidiaries.
Meanwhile, Canaccord Genuity confirmed a steady price target of $26.00 for Olink, following the company's mixed Q1 2024 financial results. Despite revenues and gross margin falling short of expectations, Olink showed strength in adjusted EBITDA and key operating metrics. These are the most recent developments in the ongoing acquisition process.
InvestingPro Insights
As Thermo Fisher Scientific wraps up its acquisition of Olink Holding AB, investors and market watchers are keenly observing Olink's financial metrics and market performance. According to real-time data from InvestingPro, Olink's market capitalization stands at $3.25 billion, reflecting the considerable market value the company holds within the proteomics sector.
Olink's revenue growth over the last twelve months as of Q1 2024 has been robust at 18.16%, demonstrating the company's expanding influence in the scientific community. Despite the fact that Olink is not expected to be profitable this year, as one of the InvestingPro Tips suggests, its gross profit margin is strong at 66.88%, indicating that the company maintains a high level of efficiency in its operations.
Investors should note that Olink's stock is trading near its 52-week high, at 99.96% of the peak value, which is a testament to the positive sentiment surrounding the company's market potential and the recent acquisition news. Moreover, the Price / Book ratio as of the last twelve months stands at 7.05, which could suggest a premium valuation compared to the book value of the company's assets.
For those looking to delve deeper into Olink's financial health and future prospects, there are additional InvestingPro Tips available, which can offer further insights into the company's performance and valuation. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to a wealth of investment analysis and data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.