Compass Lexecon advises in Thermo Fisher Scientific/PPD global merger

Compass Lexecon provided economic advice and analysis in the $17 billion global acquisition of PPD, Inc by Thermo Fisher Scientific Inc. PPD is a contract research organisation and a lab service provider that supports pharmaceutical companies in the conduct of clinical trials. Thermo Fisher Scientific is a global provider of pharmaceutical contract development and manufacturing services and a global manufacturer and supplier of analytical, research and bioprocessing products.

The merger required economic analysis across various products and jurisdictions. Compass Lexecon provided support for submissions in several jurisdictions, including those to competition authorities in the United States, the European Union, United Kingdom, Singapore, Brazil, Russia, Argentina and South Korea, and conducted a detailed vertical arithmetic to analyse potential vertical foreclosure issues, which was critical to achieving clearance with the European Commission.

In November 2021, the Federal Trade Commission and in December 2021 the European Commission and the CMA unconditionally approved the transaction.

The Compass Lexecon team in the U.S. was led by Mary Coleman and Jonathan Bowater, and included Rodrigo Montes, Josephine Xu, and Grace Nie. The EMEA team working on all other jurisdictions was led by Jorge Padilla, Lorenzo Coppi and John Davies, and included Antoine Gracia Victoria, Cecilia Nardini, Thibaut de Bernard, Mallika Arora, Alexandre Nouvel, William Lobo, Valentina Bianchi Vimercati, Rebecca Reichert, Richie Zhang, Adrien Damade, Krister Rasmussen, Ram Smaran Suresh Kumar and Vicky Britton.

We worked closely with Debbie Feinstein, Axel Gutermuth, Matthew Shultz, John Holler, Charlotte Simphal, Louis van der Werff, Athanasia Gavala and Ewa Kontkiewicz from Arnold & Porter and Simon Pritchard, Neil Hoolihan and Aoife Monaghan at Linklaters.

Compass Lexecon has provided economic expertise in some of the most high-profile multi-jurisdictional merger proceedings in the world. Our economists, based in the United States, Europe, Middle East, South America and Asia-Pacific, work seamlessly together to provide cohesive economic analysis and support to the multiple teams of internal and external legal advisors involved in global transactions. Over the last ten years, Compass Lexecon has advised in over 100 jurisdictions and our experts’ language capabilities extend our market coverage even further.