Information on the target
Astorg Partners has successfully acquired the global microbiology business of Thermo Fisher Scientific for $1.075 billion, which includes cash and a $50 million seller note. This transaction carves out a maker of diagnostic test media and equipment, establishing it as a standalone entity. The microbiology unit specializes in producing consumables and instruments that laboratories utilize to grow, identify, and test microbes, including bacteria and fungi that are responsible for infections, food contamination, and risks in drug manufacturing.
The core offerings of this business encompass culture media—nutrient plates and broths essential for coaxing microorganisms to grow for identification—and antimicrobial susceptibility tests, which determine the effectiveness of antibiotics against specific organisms. These products are marketed under well-established brands such as Oxoid and Remel. The business serves over 15,000 customers across more than 100 countries, operating 13 manufacturing and research-and-development sites globally, and employing approximately 2,400 individuals. In 2025, the microbiology business generated $645 million in revenue as part of Thermo Fisher Scientific’s specialty diagnostics segment, resulting in a revenue valuation multiple of about 1.7x based on the acquisition price.
Industry overview in the target’s specific country
The Bio Diagnostics & Testing industry in the United States is a critical component of the broader healthcare landscape, characterized by rapid advancements in technology and increasing demand for diagnostic solutions. The market is projected to grow significantly, driven by factors such as the rising prevalence of infectious diseases, the need for accurate and timely diagnostics, and the ongoing challenges posed by antimicrobial resistance. In 2025, the clinical microbiology diagnostics market is estimated to reach approximately $5.8 billion, with a compound annual growth rate (CAGR) of nearly 8% expected to propel it to $8.4 billion by 2030.
Two primary forces are fueling this growth: the urgent need for antimicrobial susceptibility testing due to rising resistance rates and the expanding requirements for microbial screening in pharmaceutical manufacturing and food safety. As healthcare providers increasingly recognize the importance of precise diagnostics in managing infections, the demand for culture media, reagents, and testing systems is expected to rise. Regulatory bodies continue to mandate phenotypic susceptibility results for complex infections, ensuring that established consumable brands maintain a stable and recurring revenue base even as newer molecular and point-of-care methods emerge.
Moreover, the U.S. market benefits from a robust infrastructure of research and development, with numerous companies investing in innovative solutions to enhance diagnostic accuracy and efficiency. The integration of advanced technologies, such as automation and artificial intelligence, is also transforming the landscape, enabling laboratories to streamline operations and improve patient outcomes. As a result, the Bio Diagnostics & Testing industry is poised for sustained growth, presenting significant opportunities for companies like the newly independent microbiology business.
The rationale behind the deal The acquisition of Thermo Fisher Scientific's global microbiology business by Astorg Partners is strategically aligned with the growing demand for advanced diagnostic solutions in the healthcare sector. By establishing this business as an independent entity, Astorg aims to leverage its deep healthcare ex…