By Micah Maidenberg

Thermo Fisher Scientific Inc. said Tuesday it agreed to purchase a molecular diagnostic company called Mesa Biotech Inc. for about $450 million in cash.

Mesa has developed a rapid testing platform for infectious diseases, including Covid-19 and flu strains, and generated roughly $45 million in revenue last year, Thermo said.

The privately held company's platform will "enable us to accelerate the availability of reliable and accurate advanced molecular diagnostics at the point of care," Thermo's operations chief, Mark Stevenson, said in a statement.

The acquisition is expected to be completed in the current quarter.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

01-19-21 0825ET