Highly Complementary Technologies Strengthen Thermo Fisher’s Portfolio in Bioprocessing and Adjacent Markets

Thermo Fisher Scientific Inc., the world leader in serving science, has announced the completion of its acquisition of the Purification & Filtration business of Solventum (NYSE: SOLV) for approximately $4.0 billion in cash. With the transaction complete, the business, which is now Thermo Fisher’s Filtration and Separation business, is part of the Life Sciences Solutions segment.

The transaction includes Solventum’s Purification & Filtration business serving Bioprocessing Filtration, Healthcare and Industrial Filtration, and Membranes¹. The business strengthens Thermo Fisher’s bioproduction offerings with advanced filtration technologies that improve quality and efficiency across upstream and downstream workflows. In addition, its robust industrial filtration and membrane solutions will expand our reach into industries requiring ultra-pure water, including battery, semiconductor and medical device manufacturing. For the full year 2025, the business is expected to generate approximately $750 million of revenue.

“We are delighted to welcome the Filtration and Separation colleagues to Thermo Fisher,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher. “The addition of innovative filtration technologies is highly complementary and expands our bioprocessing portfolio to better serve the end-to-end needs of our pharma and biotech customers in this rapidly growing market. It also provides opportunities to broaden our reach in adjacent markets with attractive growth.”

The Filtration and Separation business, as part of Thermo Fisher, is expected to generate mid- to high-single digit organic growth and the application of the PPI Business System is expected to enable strong margin expansion and meaningful synergy realization. In the first year of ownership, the transaction is expected to be dilutive to adjusted earnings per share (EPS)2 by $0.06. Thermo Fisher expects to realize strong day one cost synergies when Solventum’s allocated segment costs are replaced by lower run rate costs within Thermo Fisher, offset by one-time business stand-up costs and financing costs. Thermo Fisher expects to realize approximately $125 million of adjusted operating income² from revenue and cost synergies by year five following the close. The expected long-term business growth, margin expansion opportunity and synergy realization make the financial returns on the transaction very compelling with an anticipated double-digit internal rate of return.

Advisors

For Thermo Fisher, WilmerHale served as principal deal counsel, Axinn and Latham & Watkins as regulatory counsel, Hogan Lovells as ex-US counsel and Wells Fargo as exclusive financial advisor.

¹ Earlier this year, Solventum and Thermo Fisher Scientific mutually agreed to remove the Drinking Water Filtration business from the transaction and reduce the consideration payable at closing by $100 million. In addition, Solventum agreed to pay Thermo Fisher up to $75 million upon the sale by Solventum of its Drinking Water Filtration business or after an agreed upon 3-year period.
 
² Adjusted EPS and adjusted operating income are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of Non-GAAP Financial Measures."

About Thermo Fisher Scientific Inc

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

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