Thermo Fisher to acquire Wilmington-based PPD in $17.4 billion agreement

WILMINGTON, NC (WWAY) — Thermo Fisher Scientific, Inc. has announced its plans to acquire PPD, Inc. which is one of Wilmington’s largest employers.

PPD is an organization that provides contract research and development services for the pharmaceutical industry.

In a statement released Thursday morning, both companies announced their boards of directors have approved a “definitive” agreement.

Thermo Fisher will acquire PPD for $47.50 per share for a total cash purchase price of $17.4 billion plus the assumption of approximately $3.5 billion of net debt.

PPD has more than 26,000 colleagues operating in nearly 50 countries. In 2020, the company generated revenue of $4.7 billion.

Once the agreement is finalized, PPD will become part of Thermo Fisher’s Laboratory Products and Services Segment.

“The acquisition of PPD is a natural extension for Thermo Fisher and will enable us to provide these customers with important clinical research services and partner with them in new and exciting ways as they move a scientific idea to an approved medicine quickly, reliably and cost effectively,” said Marc N. Casper, chairman, president and chief executive officer, Thermo Fisher Scientific. “Longer term, we plan to continue to invest in and connect the capabilities across the combined company to further help our customers accelerate innovation and drive productivity, while driving further value for our shareholders.”

David Simmons is the chairman and chief executive officer of PPD.

“This is a very exciting announcement for our shareholders and will provide customers with an even better opportunity to bring meaningful innovation to the market faster and more efficiently,” Simmons said. “Thermo Fisher is a world-class company with a very similar culture and values and will provide a great foundation for our colleagues to continue to deliver for our customers and to develop their own skills and careers.”