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Thermo Fisher Scientific is acquiring Olink, a company that provides proteomics analysis tools and services used in drug discovery research. Olink’s growing revenue will help shore up a Thermo Fisher business segment whose sales have fallen due to declining Covid-19 testing demand.
The company missed Q2 Wall Street estimates on the top and bottom line and said it is implementing a $450 million cost-savings program, which will include job cuts.
Corvitas brings Thermo Fisher Scientific registries that gather data about how approved therapies are working in the real world. The acquisition will complement PPD, the contract research organization that Thermo Fisher purchased in 2021.