WALTHAM, Mass., Oct. 3 /PRNewswire-FirstCall/ -- Thermo Fisher Scientific Inc. (NYSE: TMO) today announced that it has acquired Priority Solutions International, a leading third-party logistics provider to the pharmaceutical and healthcare industries, following anti-trust clearance. Priority Solutions was previously majority-owned by Arsenal Capital Partners. With revenues of approximately $95 million in 2006, Priority Solutions offers a comprehensive range of services for the delivery of FDA-regulated pharmaceuticals, including shipment of pharmaceutical samples, direct-to-physician patient supplies, and pharmaceutical warehousing and order fulfillment.
Priority Solutions will be integrated into Thermo Fisher's biopharma services business, which includes the packaging and delivery of tightly regulated pharmaceutical samples to patients participating in clinical trials.
"The addition of Priority Solutions will make our biopharma services business an even stronger partner for biotechnology and pharmaceutical customers who are increasingly looking to outsource clinical trials management," said Marijn E. Dekkers, president and chief executive officer of Thermo Fisher Scientific. "This acquisition brings tremendous logistics expertise and an infrastructure to our existing outsourcing services that strengthens our ability to deliver pharmaceutical supplies to the right people at the right time - anywhere in the world."
Based in Swedesboro, New Jersey, Priority Solutions' non-asset-based logistics network extends to more than 500 cities worldwide. From order entry to final delivery, Priority Solutions tracks, manages and reports shipment status through call center specialists and a variety of Web-based tools available to both vendors and clients. Throughout the process, each step is fully documented to ensure end-to-end integrity of shipments in the highly regulated pharmaceutical and healthcare industries.
About Thermo Fisher Scientific
Thermo Fisher Scientific (NYSE: TMO) is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. With an annual revenue rate of more than $9 billion, we employ 30,000 people and serve over 350,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. Serving customers through two premier brands, Thermo Scientific and Fisher Scientific, we help solve analytical challenges from routine testing to complex research and discovery. Thermo Scientific offers customers a complete range of high-end analytical instruments as well as laboratory equipment, software, services, consumables and reagents to enable integrated laboratory workflow solutions. Fisher Scientific provides a complete portfolio of laboratory equipment, chemicals, supplies and services used in healthcare, scientific research, safety and education. Together, we offer the most convenient purchasing options to customers and continuously advance our technologies to accelerate the pace of scientific discovery, enhance value for customers and fuel growth for shareholders and employees alike. Visit http://www.thermofisher.com.
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward- looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, under the caption "Risk Factors," which is on file with the Securities and Exchange Commission and available in the "Investors" section of our Website under the heading "SEC Filings." We also may make forward-looking statements about the benefits of the merger of Thermo Electron and Fisher Scientific, including statements about future financial and operating results, the new company's plans, objectives, expectations and intentions and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; the need to develop new products and adapt to significant technological change; implementation of strategies for improving internal growth; use and protection of intellectual property; dependence on customers' capital spending policies and government funding policies; realization of potential future savings from new productivity initiatives; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; the effect of exchange rate fluctuations on international operations; the effect of laws and regulations governing government contracts; the effect of competing with certain of our customers and suppliers; and the effect of rapid changes in the healthcare industry. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.
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