A medical technology and research firm has been sold for £2.25 billion. Birmingham-based The Binding Site has been acquired by scientific instrument supplier Thermo Fisher Scientific, which is listed on the New York Stock Exchange, from its private equity owners Nordic Capital and Five Arrows, which is part of the Rothschild group.
The company, which originally formed as a spinout from University of Birmingham in 1983, makes medical tools aimed at improving the detection, diagnosis and management of blood cancers and immune system disorders.
It has been owned by Nordic Capital and Five Arrows since 2011, during which time it has transformed from being a founder-led, research-based organisation, with revenues climbing fivefold to £200 million this year.
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The company is headquartered on the Calthorpe Estate in Edgbaston and has new lab and office space in the Broadway building at nearby Five Ways island which was once home to a Tesco superstore.
Its founder Jo Bradwell was a regular entrant in the Birmingham Post Rich List and was said to be Binding Site, which has 1,100 staff globally in more than 20 countries, was also crowned Company of the Year at the 2021 Birmingham Post Business Awards.
Chief executive Stefan Wolf said: "We have enjoyed and benefited 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."
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Five Arrows managing partner Javed Khan said: "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 it will continue to thrive under the ownership of Thermo Fisher Scientific."
Thermo Fisher Scientific chief executive Marc Casper added: "The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma.
"We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher."
The transaction is expected to be completed in the first half of next year, subject to conditions and regulatory approvals.