Thermo Fisher Scientific announced that it has received approval from the European Commission (EC) for its pending acquisition of Life Technologies Corp. To expedite approval, the company has committed to divest of its cell culture (sera and media), gene modulation and magnetic beads businesses. Combined, these businesses had 2012 revenue of approximately $225 million.
The acquisition remains subject to additional regulatory approvals, including the U.S. Federal Trade Commission (FTC). Based on its discussions with the FTC, Thermo Fisher does not believe any additional divestures will be required in order to receive U.S. approval. The company expects to close in early 2014.