Thermo Fisher Scientific has completed the acquisition of CorEvitas, LLC, a leading provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity, for $912.5 million in cash. Thermo Fisher announced the agreement to acquire CorEvitas on July 6, 2023.
Real-world evidence is the collection and use of patient health care utilisation and outcomes data gathered through routine clinical care. This is a high growth market segment as pharmaceutical and biotechnology customers, 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.
“We are very excited to welcome our new CorEvitas colleagues to Thermo Fisher,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher. “CorEvitas expands our clinical research business with highly complementary real-world evidence solutions, which is an increasingly important area and will help to enhance decision-making as well as the time and cost of drug development. We are excited by the opportunity to further accelerate innovation and advance productivity for our pharma and biotech customers in their work to deliver new medicines and therapeutics to benefit patients.”
CorEvitas will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
CorEvitas has been a partner to pharma and biotech customers for more than 20 years, providing regulatory-grade, real-world evidence solutions with objective data and clinical insights to improve patient care and clinical outcomes. CorEvitas manages 12 registries, including 9 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.
The transaction is expected to be slightly accretive in 2023 and deliver $0.03 of adjusted earnings per share in 2024.