Thermo Fisher Scientific

Thermo Fisher Scientific Inc.
	File:Thermo Fisher Scientific logo.svg Logo of Thermo Fisher Scientific
Company type	Public
Industry	Life sciences, clinical research, analytical instruments, diagnostics
Predecessor	Thermo Electron, Fisher Scientific
Founded	November 9, 2006; 20 years ago
Headquarters	Waltham, Massachusetts, United States
Area served	Worldwide
Key people	Marc N. Casper (Chairman, President & CEO)
Products	Analytical instruments, clinical development services, specialty diagnostics, laboratory, pharmaceutical and biotechnology products
Revenue	US$44.92 billion (2022)
Number of employees	97,000 (approximate as of 2023)
Website	www.thermofisher.com

Thermo Fisher Scientific Inc. stands as a prominent American enterprise in the life sciences and clinical research sectors, delivering a broad array of analytical instruments, clinical development services, specialty diagnostics, as well as laboratory, pharmaceutical, and biotechnology solutions. The company’s headquarters are located in Waltham, Massachusetts, and it was formed in 2006 by the consolidation of Thermo Electron and Fisher Scientific. Thermo Fisher has significantly broadened its offerings through numerous acquisitions such as Life Technologies Corporation (2013), Alfa Aesar (2015), Affymetrix (2016), FEI Company (2016), BD Advanced Bioprocessing (2018), and PPD, Inc. (2021).

By 2023, Thermo Fisher’s market value reached $202 billion, placing it 97th on the Fortune 500 rankings with revenues of US$44.92 billion reported for 2022. Its extensive product and service lines include analytical instruments, laboratory reagents and consumables, scientific software, and manufacturing support for pharmaceutical and diagnostic industries worldwide, serving sectors such as healthcare, biotechnology, and chemicals.

Origins and merger

Thermo Electron was founded in 1956 by George N. Hatsopoulos, who held a PhD in mechanical engineering from MIT, along with Peter M. Nomikos, a Harvard Business School alumnus. The company focused on analytical and laboratory technologies and had grown to exceed $2 billion in sales by 2004.

Fisher Scientific, established in 1902 by Chester G. Fisher in Pittsburgh, specialized in supplying laboratory apparatus, chemicals, and services catering to healthcare, scientific research, safety protocols, and educational institutions.

On May 8, 2006, Thermo Electron and Fisher Scientific declared a tax-exempt stock-for-stock merger that resulted in the creation of Thermo Fisher Scientific. The newly formed entity had approximately 30,000 employees and generated $9 billion in revenue at the time. The merger was finalized on November 9, 2006. Due to antitrust concerns regarding Fisher’s Genevac unit in the centrifugal evaporator market, the Federal Trade Commission mandated its divestiture. Genevac was subsequently sold to Riverlake Partners LLC in April 2007, clearing the way for regulatory approval.

Thermo Fisher markets its products under several brand names including Thermo Scientific, Fisher Scientific, Applied Biosystems, Invitrogen, Patheon, PPD, and Nalgene. As of 2007 data showed revenue distribution with roughly 46% from life sciences, 20% from healthcare sectors, and 34% stemming from industrial/environmental and safety markets.

Acquisition timeline

In 1990, Thermo Instrument Systems (the predecessor to Thermo Fisher Scientific) expanded by acquiring Finnigan Instrument Corporation, a manufacturer specializing in mass spectrometry.

In 2003, Fisher Scientific International purchased Perbio Science along with its associated brands such as Pierce Biotechnology, HyClone, and Endogen. Then in April 2006, Thermo Fisher added BioImage—a company focused on drug discovery research with proprietary bioassays and patented GFP-based biosensors—to its portfolio.

December 2010 marked the $2.1 billion acquisition of Dionex Corporation which enhanced Thermo Fisher’s range of analytical instruments. In May 2011 the firm acquired Phadia for €2.47 billion ($3.5 billion), gaining entry into allergy and autoimmune diagnostic testing markets.

In April 2013 Thermo Fisher completed a $13.6 billion acquisition of Life Technologies Corporation following a competitive bidding process against Hoffmann-La Roche. Life Technologies itself had been created in 2008 through the merger of Invitrogen and Applied Biosystems for $6.7 billion; this deal brought advanced DNA sequencing and genetic testing technologies into Thermo Fisher’s suite including the GIBCO brand.

The year 2015 saw acquisitions including Advanced Scientifics for $300 million to bolster bioprocessing capabilities and Alfa Aesar for $405 million to enhance laboratory chemicals offerings.

In January 2016 Thermo Fisher acquired Affymetrix for $1.3 billion; this was followed by purchasing FEI Company for $4.2 billion in May to reinforce its Analytical Instruments division. Later that year MTI-GlobalStem—developer of reagents for cell transfection and stem cell research—was also acquired.

Early 2017 included purchases of Finesse Solutions (provider of bioproduction automation software) and Core Informatics (offering cloud-based scientific data management platforms). August brought a significant $7.2 billion acquisition of Patheon—a contract development and manufacturing organization serving pharmaceutical and biotechnology clients.

By the end of 2017 Thermo Fisher reported revenues reaching $20.9 billion and secured its place on the Fortune 500 list.

In September 2018 Thermo Fisher expanded by acquiring Becton Dickinson's Advanced Bioprocessing business with annual revenues near $100 million; this operation was integrated into its Life Sciences Solutions segment.

March 2019 marked entry into gene therapy manufacturing through acquiring Brammer Bio for $1.7 billion. That year also included collaboration with MMJ International Holdings to manufacture drug products targeting treatments for multiple sclerosis and Huntington's disease alongside acquiring HighChem—a mass spectrometry software developer.

During the COVID-19 outbreak in March 2020 Thermo Fisher obtained FDA emergency use authorization for SARS-CoV-2 test kits and supported mRNA vaccine production through partnerships with Pfizer and Moderna.

Also in March 2020 the company proposed a $10.1 billion offer to acquire molecular diagnostics firm Qiagen but withdrew by August after an increased bid of €11.3 billion failed to win critical investor backing.

August 2020 saw the inauguration of a new facility in Lenexa aimed at increasing production capacity for COVID-19 testing supplies; later that year Thermo Fisher acquired Phitonex Inc., known for programmable dye technology platforms.

January 2021 acquisitions included Henogen SA—a Belgium-based viral vector manufacturer—for €725 million along with Mesa Biotech—a point-of-care molecular diagnostics provider—valued up to $550 million.

In April 2021 Thermo Fisher further expanded pharmaceutical services by acquiring contract research organization PPD, Inc., for about $20.9 billion including debt; PPD had generated $4.7 billion revenue during fiscal year 2020. In November that year PharmaFluidics’ microchip-based chromatography products were added to the portfolio.

January 2022 featured the purchase of PeproTech—a recombinant protein developer—for $1.85 billion; this entity was incorporated into the Life Sciences Solutions segment.

In October 2022 Thermo Fisher agreed to acquire UK diagnostics company The Binding Site Group via an all-cash transaction valued at $2.6 billion from Nordic Capital; this deal closed in January 2023.

July 2023 announcements included plans to acquire CorEvitas LLC from Audax Private Equity for over $900 million; completion occurred in August at a purchase price of $912.5 million cash.

Most recently in October 2023 Thermo Fisher completed acquisition of Olink Holding for $3.1 billion.

Thermo Fisher Scientific (established through merger of Thermo Electron and Fisher Scientific in 2006)
- Thermo Fisher Scientific
 - Fisher Scientific
 - Scientific Materials Co. (Founded 1902)
 - Scientific Supplies Ltd (Acquired 1925)
 - Eimer & Amend (Acquired 1940)
 - E. Machlett & Sons (Acquired 1957)
 - Janssen Chimica
 - Eastman Kodak Company (Organic Chemicals division)
 - Apogent Technologies Inc. (Acquired 2004)
 - Athena Diagnostics (Acquired 2006)
 - Thermo Electron
 - Kendro Laboratory Products (Acquired 2005)
 - Rupprecht and Patashnick Co., Inc. (Acquired 2005)
 - NITON LLC (Acquired 2005)
 - InnaPhase Corporation (Acquired 2004)
 - US Counseling Services, Inc. (Acquired 2004)
 - Jouan SA (Acquired 2004)
 - Laboratory Management Systems, Inc. (Acquired 2003)
- Phadia (Acquired 2011)
- Life Technologies (Acquired 2013)
 - Invitrogen Corporation (Merged in 2008)
 - NOVEX
 - Research Genetics, Inc (Acquired 1999)
 - Ethrog Biotechnology
 - Molecular Probes
 - Dynal
 - Panvera
 - InforMax
 - BioSource
 - CellzDirect
 - Zymed
 - Caltag Laboratories
 - Applied Biosystems (Merged in 2008)
- Advanced Scientifics (Acquired 2015)
- Alfa Aesar (Acquired 2015)
- Affymetrix (Acquired 2016)
 - Genetic MicroSystems (Acquired1999)
 - Neomorphic (Acquired2000)
 - ParAllele Bioscience
 - USB Corporation (Acquired2008)
 - Panomics (Acquired2008)
 - True Materials (Acquired2000)
 - eBioscience (Acquired2012)
- Compendia Bioscience (Acquired2012)
- FEI Company (Acquired2016)
 - FEI Company (Merged1997)
 - Field Electron and Ion Co.(Founded1971) 
 - Philips Electron Optics
 - Micrion ( Acq1999 )
- MTI-GlobalStem ( Acq2016 )
- Finesse Solutions, Inc.( Acq2017 )
- Core Informatics( Acq2017 )
- Patheon( Acq2017 )
 - Agere Pharmaceuticals( Acq2015 )
 - Gallus Pharmaceuticals( Acq2014 )
 - Royal DSM NV (Pharmaceutical division merged2014)
 - MOVA( Acq2004 )
 - Banner Pharmacaps( Acq2013 )
- Brammer Bio( Acq2019 )
- Phitonex Inc.( Acq2020 )
- Henogen S.A.( Acq2021 )
- Mesa Biotech Inc.( Acq2021 )
- PPD, Inc.( Acq2021 )
 - Acurian( Acq2013 )
 - Evidera( Acq2016 )
 - Medimix( Acq2019 )
- PharmaFluidics( Acq2021 )
- PeproTech( Acq2021 )
- The Binding Site Group( Acq2023 )
- CorEvitas LLC( Acq2023 )
- Olink Holding( Acq2023 )

Leadership

Marc N. Casper serves as the chairman, president, and chief executive officer of Thermo Fisher Scientific. He began his tenure at Thermo Electron in December 2001, initially holding the position of Vice President for the Life and Laboratory Sciences division. After the 2006 merger between Thermo Electron and Fisher Scientific, Casper was promoted to executive vice president and took charge as president of the Analytical Technologies Group. In 2009, he was elevated to president and CEO, where he has since been instrumental in steering the company’s strategic direction and fostering business expansion.

Partnerships

Thermo Fisher Scientific inaugurated its Center of Molecular Pathology at Heidelberg University Hospital in September 2017 through a collaboration with the Institute of Pathology Heidelberg (IPH). This partnership supports the Next Generation Sequencing Companion Dx Center of Excellence Program by utilizing Thermo Fisher’s Oncomine research panels to enhance precision oncology initiatives across Europe.

In 2021, the company announced a joint effort with the University of California, San Francisco to establish a cell therapy development and manufacturing facility, bolstering its global footprint in advanced therapeutic solutions.

A significant 15-year strategic alliance with Moderna was formed in February 2022 to expand production capabilities for COVID-19 vaccines and other mRNA-based products, strengthening Thermo Fisher’s role in vaccine manufacturing.

In May 2023, Thermo Fisher entered into a partnership with Pfizer aimed at broadening next-generation sequencing (NGS) testing services for patients suffering from lung and breast cancers, with a focus on enhancing diagnostic accuracy.

Later, in November 2023, Thermo Fisher collaborated with Flagship Pioneering to launch new biotech startups. This initiative is designed to drive innovation in life science technologies while diversifying its investments within emerging biotechnology enterprises.

Xinjiang and Tibet

In February 2019, Thermo Fisher Scientific declared it would cease equipment sales in Xinjiang. Nevertheless, investigations published in June 2020 indicated that the company continued providing equipment to Chinese security agencies implicated in alleged genetic surveillance targeting ethnic minority groups. The Australian Strategic Policy Institute reported that Thermo Fisher worked alongside China’s Ministry of Public Security to develop a PCR testing kit capable of identifying Uyghur, Tibetan, and Hui genetic markers. Despite official restrictions, sales to law enforcement in Xinjiang reportedly persisted until mid-2021.

Following revelations in 2022 regarding product distribution to Tibetan police forces, the Inter-Parliamentary Alliance on China called on governments to scrutinize and suspend contracts with companies supplying biometric surveillance tools in Tibet and Xinjiang, including Thermo Fisher. In response, the company discontinued sales of DNA collection kits within Tibet.

HeLa cells

In October 2021, the estate representing Henrietta Lacks initiated legal action against Thermo Fisher Scientific over unauthorized commercialization of her HeLa cell line. These cells have played a pivotal role in over 60,000 scientific studies and contributed significantly to breakthroughs such as polio vaccines, gene mapping advancements, and developments in in-vitro fertilization techniques.

Thermo Fisher filed a motion to dismiss the lawsuit in May 2022. By July 2023, the court mandated a settlement conference. Shortly after this directive, both parties reached an agreement under undisclosed terms, thereby resolving the litigation.

Mexican Facility

In 2013, Thermo Fisher Scientific faced litigation from Opengate Capital Group LLC concerning the disposal of a production facility purportedly linked to the Gulf Cartel. Opengate asserted that the corporation concealed critical documentation and coerced staff into obscuring the cartel’s involvement, highlighting significant issues related to due diligence and risk oversight within Thermo Fisher’s international business activities.