Thermo Fisher Scientific Inc., and Olink Holding AB, a provider of next-generation proteomics solutions, reported that their respective boards of directors have approved Thermo Fisher’s proposal to acquire Olink.

The transaction values Olink at approximately $3.1 billion which includes net cash of approximately $143 million. The transaction is expected to be completed by mid-2024.

Olink offers solutions for advanced proteomics discovery and development, enabling biopharmaceutical companies and academic researchers to gain an understanding of disease at the protein level rapidly and efficiently. Olink’s proprietary technology, Proximity Extension Assay (PEA), provides high throughput protein analysis for the very large installed base of qPCR and next-generation sequencing readout systems in the market.

“The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine,” said Marc Casper, chairman, president, and CEO, Thermo Fisher. “Olink’s proven and transformative innovation is highly complementary to our leading mass spectrometry and life sciences platforms. Our company is uniquely positioned to bring this technology to customers enabling them to meaningfully accelerate discovery and scientific breakthroughs. We look forward to welcoming Olink’s colleagues to Thermo Fisher.”

Jon Heimer, CEO of Olink said, “Olink is dedicated to improving the understanding of human biology by accelerating the use of next-generation proteomics and providing industry-leading data quality at unprecedented scale. Thermo Fisher’s deep life sciences expertise, global reach and proven operational excellence will enable significant opportunities for both customers and colleagues, while also providing immediate value to our shareholders.”

Olink is on track to deliver over $200 million of revenue in 2024 and, as part of Thermo Fisher, is expected to grow mid-teens organically.