Birmingham medical diagnostics firm sold in £2.25bn deal

Nordic Capital and Five Arrows are set to sell Birmingham-based diagnostics firm The Binding Site to Thermo Fisher Scientific in a £2.25bn deal.

The Binding Site was acquired in in 2011, and has transformed from a founder-led research-based organisation to a leader in medical solutions that improve the detection, diagnosis and management of blood cancers and immune system disorders.

Since 2011, The Binding Site has grown fivefold with revenues amounted to approximately £200m in 2022 and more than 40 million tests sold on a global scale.

Dr Raj Shah, partner and head of healthcare, Nordic Capital Advisors and Jonas Agnblad, partner, Nordic Capital Advisors and board member, The Binding Site, have issued a statement. It said: “We are proud to have partnered with The Binding Site. Their cutting-edge technology and innovative specialty diagnostic solutions improve millions of patient lives globally. During Nordic Capital’s ownership the company has experienced strong growth and transformation, achieved by a dedicated focus on R&D investment, commercial focus and global expansion. We are grateful to The Binding Site team, for their dedication and for building strong scientific foundations which support the changing needs of patients and clinicians. This transaction marks the culmination of a very successful partnership , a successful outcome for Nordic Capital’s investors and the start of an exciting next phase for the Binding Site,”

Javed Khan, managing partner of Five Arrows, addedL “The Binding Site has always been a pioneer in the field of protein diagnostics, which has helped create an exceptional following with key opinion leaders in cancer treatment and strong customer loyalty. It has been a great privilege for us to work with Stefan and his management team and we have every confidence that The Binding Site will continue to thrive under the ownership of Thermo Fisher Scientific.”

Stefan Wolf, CEO, The Binding Site, said: “We have enjoyed and benefitted greatly from our long-standing partnership with Nordic Capital and Five Arrows and their sustained active support over the years to help us to realise our vision and deliver for our customers and patients. Their supportive approach to investments in R&D, coupled with deep insights and expertise in healthcare has resulted in a consistent long-strategy focused on growth. This transaction marks the beginning of a new and exciting chapter for The Binding Site.”