A strategic portfolio adjustment sees Thermo Fisher Scientific selling its microbiology business for over $1 billion to focus on core growth areas.
Thermo Fisher Scientific Inc. agreed to sell its microbiology business to European private equity firm Astorg for approximately $1.075 billion, signaling a strategic move to actively manage its portfolio and unlock capital. The deal, comprised of cash and a $50 million seller note, is expected to close in the second half of 2026, pending regulatory approvals.
"The transaction reflects our active management of the company and provides additional capital we can deploy to create shareholder value," Marc N. Casper, chairman and chief executive officer of Thermo Fisher, said in a statement. "We believe the microbiology business is an excellent fit within Astorg’s portfolio."
The divested unit, which is part of Thermo Fisher's Specialty Diagnostics segment, generated $645 million in revenue in 2025. It provides antimicrobial susceptibility testing and culture media solutions across clinical, pharmaceutical, and food safety markets. The sale will be dilutive to Thermo Fisher's adjusted earnings per share by $0.15 in the first full year after closing.
For Astorg, a firm with over $28 billion in assets under management and a focus on healthcare, the acquisition represents a significant platform investment. The private equity firm plans to partner with the unit's management to accelerate growth, capitalizing on what it sees as structural tailwinds in the industry, including increasing infection complexity and more stringent safety and quality control standards in food and pharma. The standalone business has about 2,400 employees and operates 13 manufacturing and R&D sites globally.
The sale comes as Thermo Fisher, a life-sciences giant with nearly $44.6 billion in 2025 revenue, continues to refine its business lines. This divestiture follows the company's nearly $8.9 billion acquisition of Clario Holdings, an endpoint data solutions provider, from a group that included Astorg, highlighting the ongoing churn and strategic deal-making within the specialized healthcare sector.
Advising Thermo Fisher on the transaction are Perella Weinberg Partners and Wells Fargo as financial advisors, with Cravath, Swaine & Moore LLP serving as principal deal counsel. Astorg is being advised by Evercore and Moelis, with Latham as legal counsel.
This article is for informational purposes only and does not constitute investment advice.
