Thermo Fisher Scientific completes Phadia takeover

Thermo Fisher Scientific has announced the completion of its acquisition of Phadia, a leading developer of allergy and autoimmune disease diagnosis.

A takeover deal valued at 2.47 billion euros (2.17 billion pounds) was agreed between the two companies in May 2011 that has now been concluded, a move expected to add $190 million (116.15 million pounds) to Thermo Fisher's 2011 revenue results.

Phadia is based in Sweden and is responsible for the creation of blood tests for clinical diagnosis and monitoring of conditions in its specialist categories, generating revenues of 367 million euros in 2010.

It employs around 1,500 people globally and will now be integrated into Thermo Fisher as part of its specialty diagnostics business unit.

Marc Casper, president and chief executive officer of Thermo Fisher, said this will improve the firm's capabilities in this area, especially in the US market.

"We are delighted to welcome Phadia's employees to our team and look forward to working together to expand our depth of capabilities for our customers who are focused on improving healthcare," he added.