Thermo Fisher Scientific has agreed to acquire Mesa Biotech, a San Diego, California-based molecular diagnostic company, in a $550-million deal.

Mesa Biotech has developed and commercialized a PCR-based rapid point-of-care testing platform available for detecting infectious diseases, including SARS-CoV-2, the virus that causes COVID-19, influenza A and B, respiratory syncytial virus, and Strep A. The company’s Accula Flu A/Flu B, RSV and Strep A tests have obtained 510(k) clearance and Clinical Laboratory Improvements Amendments waivers from the US Food and Drug Administration. Additionally, the Accula System has received emergency use authorization from the FDA for SARS-CoV-2 in vitro diagnostic testing and is available for use in patient-care settings.

Under the agreement, Thermo Fisher will pay approximately $450 million in cash upfront and will pay up to an additional $100 million in cash upon the completion of certain milestones following the close of the transaction.

The transaction is expected to be completed in the first quarter of 2021, subject to customary closing conditions, including regulatory approval. Upon completion, the business will become part of Thermo Fisher’s Life Sciences Solutions Segment. Mesa Biotech has approximately 500 employees and had 2020 revenues of approximately $45 million.

Source: Thermo Fisher Scientific