NEW YORK (360Dx) – Thermo Fisher Scientific announced after the close of the market on Monday that it has signed a definitive agreement to sell its anatomical pathology business to PHC Holdings for about $1.14 billion in cash.
Part of Thermo Fisher's Specialty Diagnostics segment, the anatomical pathology business provides microscope slides, instruments, and consumables. It has about 1,200 employees in the US, Europe, and China, and generates approximately $350 million in revenues annually.
PHC Holdings is a healthcare company based in Tokyo that offers products and services in the diabetes care, diagnostics, life sciences, and healthcare IT spaces.
The deal is anticipated to close in the second quarter of 2019. Thermo Fisher said it expects the deal to be dilutive to full-year 2019 adjusted EPS of approximately $.10.
In a statement PHC Holdings CEO Hidehito Kotani said that Thermo Fisher's anatomical pathology business "has shown steady growth with their strong customer base in global hospital markets, especially in the United States. This is a solid business with good growth potential and we believe it will create value for our stakeholders as part of our growing diagnostics and healthcare portfolio.”