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THERMO FISHER SCIENTIFIC

(TMO)
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Delayed Nyse  -  04:00 2022-12-06 pm EST
550.53 USD   -1.20%
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Thermo Fisher Scientific Partners with Pennsylvania Biotechnology Center to Support Life Sciences Growth in Philadelphia

09/22/2022 | 08:48am EST

WALTHAM - The Pennsylvania Biotechnology Center (PABC) announced that Thermo Fisher Scientific has become a founding sponsor supporting the PABC campus in Doylestown, Pa., and their new B+Labs incubator in Philadelphia, where emerging life science companies can accelerate their journey to commercialization.

Philadelphia recently ranked as one of the top markets in the U.S. for life sciences, with continuous growth and $4B in new construction that supports the industry's expansion. Through PABC's existing campus and the new B+Labs incubator, PABC serves a critical need in the region for incubator space that includes the same state-of-the-art technologies that are accelerating drug discovery in other major cities. As a founding sponsor of B+Labs, which is a partnership between the PABC and Brandywine Realty Trust, Thermo Fisher will provide its advanced technology and expertise to emerging biotech residents.

'With more companies looking to move to Philadelphia and recent growth in the life sciences regionally, there is an urgent need for more support at early stages of development,' said Louis Kassa, CEO of Hepatitis B Foundation, Blumberg Institute, Pennsylvania Biotechnology Center. 'Incubators and accelerators play a significant role in the success of start-ups, and by working with partners such as Thermo Fisher we have the resources to support this success at scale.'

'Emerging life science companies face many hurdles as they bring new discoveries from scientific idea to approved medicine, and this can slow or stall development of promising diagnostics and drugs,' said Abhinav Akhoury, vice president, corporate accounts, Thermo Fisher Scientific. 'Through their incubator sites, PABC can accelerate the path to commercialization, and our investment ensures that these companies start with the commercial-scale technologies and workflows that will be required as they move from R&D to the clinic.'

Evrys Bio has been at the PABC for 10 years. The company's President and CEO, Lillian W. Chiang, PhD, MBA, has started companies at two other incubators and says the PABC is superior. 'This has been by far the best incubator space that I've been in because of the collaboration and because of how open it is. There's a culture here that encourages interaction and we learn from each other's experience.'

Data show that early stage biotechs are more successful at raising series A funding, securing larger deal sizes and achieving success when they are part of an incubator ecosystem. The PABC, with expertise from the Blumberg Institute, is one of the nation's most successful life science incubators.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

About the Pennsylvania Biotechnology Center (PABC)

The PABC is a nonprofit life sciences incubator-accelerator, offering state-of-the-art laboratory and office space to early-stage biotech companies, as well as the Hepatitis B Foundation and Blumberg Institute. Managed by the Institute and led by a board appointed by the Foundation, PABC is home to more than 40 small to mid-size science, research and pharmaceutical companies. The center uses a highly successful services-based approach to nurture and guide its member companies to success, advancing biotechnology, maximizing synergies among nonprofit scientists and their commercial colleagues, and launching new ideas and discoveries that will make a difference. PABC is near Doylestown in Bucks County, in the heart of the Philadelphia-New Jersey pharma belt.

Contact:

Ron O'Brien

Tel: 781-622-1242

Email: ron.obrien@thermofisher.com

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2022 43 857 M - -
Net income 2022 6 919 M - -
Net Debt 2022 24 995 M - -
P/E ratio 2022 31,8x
Yield 2022 0,21%
Capitalization 220 B 220 B -
EV / Sales 2022 5,58x
EV / Sales 2023 5,47x
Nbr of Employees 130 000
Free-Float 88,9%
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Stephen Williamson Chief Financial Officer & Senior Vice President
Ryan Snyder Chief Information Officer & Senior Vice President
Alan B. Sachs Chief Medical Officer
Karen E. Nelson Chief Scientific Officer
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