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Real-world evidence solutions provider will join Thermo’s Laboratory Products and Biopharma Services segment.
Thermo Fisher Scientific has entered into a definitive agreement to acquire CorEvitas, LLC, a provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity, for $912.5 million in cash.
CorEvitas, based in Waltham, Massachusetts, with operations focused in the U.S., manages 12 registries, including nine autoimmune and inflammatory syndicated registries. Its multi-therapeutic data intelligence platform builds and scales multiple clinical registries across specific therapeutic areas to gather structured patient clinical data spanning more than 400 investigator sites and over 100,000 patients followed longitudinally. This is a high growth market segment for biopharma, as well as regulating bodies, are increasingly looking to monitor and evaluate the safety of approved therapies and examine their effectiveness and value in the post approval setting.
“The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition. CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher in a press release. “There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development.
The transaction, which is expected to be completed by the end of 2023, is subject to customary closing conditions, including regulatory approvals. Upon completion, CorEvitas will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment. CorEvitas has approximately 300 employees, with expected revenue of $110 million in 2023.
Reference: Thermo Fisher Scientific to Acquire CorEvitas, July 06, 2023, WALTHAM, Mass.—BUSINESS WIRE.