What You Need to Know:
- For $912.5 million, Thermo Fisher Scientific is set to acquire CorEvitas, a real-world data intelligence company.
- CorEvitas has developed a platform that collects structured clinical patient data from over 400 sites and more than 100,000 patients. According to Fierce, “It does this by managing 12 clinical registries, including nine autoimmune and inflammatory syndicated registries”.
- Thermo Fisher expects CorEvitas to grow its revenue organically in the low double digits, with an expected revenue of $110 million in 2023.
- The set acquisition aligns with Thermo Fisher’s disciplined capital deployment strategy and is predicted to be an excellent strategic fit for PPD, a clinical research service provider Thermo Fisher acquired in 2021.
- Thermo Fisher’s CEO sees strong market demand for real-world evidence, which can improve decision-making and reduce the cost and time of drug development.
- The investment firm Audax Private Equity currently owns CorEvitas, which views the deal as beneficial for all parties involved.
What Experts are Saying:
Thermo Fisher CEO Marc Casper states, “There is strong market demand for real-world evidence which improves decision-making and reduces the time and cost associated with drug development. The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition.”
Source: Fierce Biotech, July 6th, 2023