Shares of proteomics firm Olink dropped approximately 3% last week following the disclosure by the company that the U.K.’s regulatory body will investigate its pending acquisition by Thermo Fisher and that notification of Germany’s regulatory agency would be delayed.
The acquisition of the Uppsala, Sweden-based Olink for $3.1 billion -- under the terms of the deal, $26 per common share in cash -- was announced in October.
In a filing with the U.S. Securities and Exchange Commission (SEC) posted on Olink’s website, the company stated that Thermo Fisher “has withdrawn its November 22, 2023 notification and intends to refile its notification with the German Bundeskartellamt [Federal Cartel Office; Germany's national competition regulatory agency] on or about January 15, 2024.”
The amendment went on to disclose that the U.K.’s Competition and Markets Authority (CMA) has notified Thermo Fisher and Olink that it intends to open a phase 1 investigation into the acquisition. According to the filing, Thermo Fisher will submit a draft merger notification filing in January; completion of the acquisition is subject to approval from the CMA.
“The parties are working cooperatively with the regulators and continue to expect the Offer to be completed by mid-2024,” Olink wrote in the filing.