Huge £2.25bn deal to buy medical tech business

A MEDICAL technology firm has been sold for £2.25 billion.

Birmingham-based Binding

Site has been acquired by scientific instrument supplier Thermo Fisher Scientific, which is listed on the New York Stock Exchange, from its private equity owners Nordic Capital and Five Arrows, which is part of the Rothschild group.

The company, which originally formed as a spinout from University of Birmingham in

1983, makes medical tools aimed at improving the detection, diagnosis and management of blood cancers and immune system disorders.

It has been owned by Nordic Capital and Five Arrows since 2011, during which time it has transformed from being a founder-led, research-based organisation, with revenues climbing fivefold to £200 million this year.

The company is headquartered on the Calthorpe Estate in Edgbaston and has new lab and office space in the Broadway building at nearby Five Ways island which was once home to a Tesco superstore.

Its founder Jo Bradwell was a regular entrant in the Birmingham Post Rich List and was said to be worth £125 million when it was last published in 2020.

Binding Site, which has 1,100 staff globally in more than 20 countries, was also crowned Company of the Year at the 2021 Birmingham Post Business Awards.

Chief executive Stefan Wolf said: “We have enjoyed and benefited greatly from our long-standing partnership with Nordic Capital and Five Arrows and their sustained active support over the years to help us to realise our vision and deliver for our customers and patients.

“Their supportive approach to investments in R&D, coupled with deep insights and expertise in healthcare, has resulted in a consistent long-strategy focused on growth. This transaction marks the beginning of a new and exciting chapter for The Binding Site.”

Five Arrows managing partner Javed Khan said: “The Binding

Site has always been a pioneer in the field of protein diagnostics which has helped create an exceptional following with key opinion leaders in cancer treatment and strong customer loyalty. It has been a great privilege for us to work with Stefan and his team.”