Thermo Fisher Scientific Inc. acquires Olink Holding AB (2024)

Deal facts

Buyer: Thermo Fisher Scientific Inc.
Target: Olink Holding AB
Deal value: Not disclosed
Announced: 2 February 2024
Status: In review
Sector: Healthcare
Country: Sweden
Consideration: Not stated

Sources

UK_CMA_GOVUK

What we know

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Deal timeline

1 update

2 Feb 2024CMA Phase 1 launched
Thermo Fisher Scientific / Olink merger inquiry
The CMA has investigated and cleared the anticipated acquisition by Thermo Fisher Scientific Inc. of Olink Holding AB. Statutory timetable Phase 1 Action 30 July 2024 Decision published 8 July 2024 Decision announced 10 May 2024 Launch of merger inquiry 2 February 2024 to 23 February 2024 Invitation to comment Phase 1 CMA clearance decision
UK CMA

OpinionExit Mode editorial

We see a clear strategic signal in Thermo Fisher Scientific Inc's decision to acquire Olink Holding AB, announced on 2024-02-02. This cross-border transaction between a US giant and a Swedish target in the healthcare sector is not merely an expansion of product lines; it is a deliberate move to consolidate proteomics capabilities within a single global platform. The deal remains in review, which is the expected first step for any acquisition of this magnitude involving US and EU entities. For the SME founder watching from the sidelines, this highlights how global players are actively seeking to absorb niche, high-tech innovators to secure their long-term position in complex diagnostic markets.

The regulatory path ahead is the immediate focus. Because Olink is based in Sweden and Thermo Fisher is American, this deal will face scrutiny under both US and EU competition laws. We expect the CMA and the European Commission to examine whether this consolidation reduces competition in the protein analysis space. The "in_review" status confirms that regulators are already assessing potential anti-trust thresholds and market concentration. Founders must understand that a strategic fit does not guarantee a smooth clearance. Change-of-control covenants and specific regulatory conditions will likely dictate the final terms, regardless of the initial agreement between the parties. The absence of a disclosed value in the announcement is typical for deals still navigating this complex approval process, but it does not diminish the strategic intent.

Our view is that the structure of this deal underscores the importance of regulatory readiness before signing. The healthcare sector is heavily scrutinised, and cross-border deals often trigger extended review periods that can delay closing or force divestitures. We advise the SME founder to treat regulatory clearance as a primary deal mechanic, not a formality. Do not assume that a strategic buyer will absorb all regulatory risk without shifting the burden back to the seller through indemnities or escrow arrangements. You must prepare your data and compliance records to withstand a rigorous examination of your market share and customer overlap.

The specific action you should take this week is to map your customer base against your potential acquirer's existing portfolio to identify any immediate competition concerns. If you are in a similar position to Olink, run a preliminary anti-trust check on your top ten clients to see if they overlap significantly with your target buyer. This simple step will reveal whether your deal faces a high risk of regulatory blockage or if you can proceed with a clearer path to completion.

Editorial opinion. Not financial or legal advice.

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