Thermo Fisher completes Solventum acquisition, expands bioprocessing portfolio.

Thermo Fisher Scientific has completed its acquisition of Solventum's Purification and Filtration business for approximately $4.0 billion in cash. The deal strengthens Thermo Fisher's portfolio in bioprocessing and adjacent markets by adding highly complementary technologies.

Thermo Fisher Scientific Inc. (NYSE: TMO) has completed its acquisition of the Purification & Filtration business of Solventum (NYSE: SOLV) for approximately $4.0 billion in cash [1]. The deal, finalized on September 2, 2025, strengthens Thermo Fisher's portfolio in bioprocessing and adjacent markets by adding highly complementary technologies.

The acquisition includes Solventum's Purification & Filtration business, which serves Bioprocessing Filtration, Healthcare and Industrial Filtration, and Membranes. This addition will enhance Thermo Fisher's bioproduction offerings with advanced filtration technologies, improving quality and efficiency across upstream and downstream workflows. The business is expected to generate approximately $750 million in revenue for the full year 2025 [1].

Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher, expressed delight at welcoming the Filtration and Separation colleagues to Thermo Fisher. "The addition of innovative filtration technologies is highly complementary and expands our bioproduction 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," he said [1].

The Filtration and Separation business is expected to generate mid- to high-single digit organic growth, with the application of the PPI Business System anticipated 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) by $0.06 [1]. 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. By year five, Thermo Fisher anticipates realizing approximately $125 million of adjusted operating income from revenue and cost synergies [1].

Advisors for Thermo Fisher included WilmerHale 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]. The acquisition is expected to have a compelling financial return, with an anticipated double-digit internal rate of return [1].

References
[1] https://www.stocktitan.net/news/TMO/thermo-fisher-scientific-completes-acquisition-of-solventum-s-rey9hb9dfouh.html