Thermo Fisher Scientific Inc, a global leader in analytics industry, has received a conditional approval from the Australian Competition and Consumer Commission (ACCC) for acquisition of Life Technologies. ACCC has announced that it will not oppose the proposed acquisition after competition concerns were resolved by Thermo Fisher's undertaking to sell its Australian cell culture business and comply with its commitments to the European Commission to sell its global HyClone cell culture and Dharmacon gene silencing businesses.
“The ACCC considered that in the absence of the undertaking, the proposed acquisition would substantially lessen competition for the supply of certain cell culture products, which are used to grow cells for academic research and vaccine production,” ACCC Commissioner Dr Jill Walker said. “Our market inquiries identified concerns about the strength of the merger parties in relation to foetal bovine serum (FBS). Life Technologies and Thermo Fisher are two of the three main suppliers of FBS to customers in Australia.”
ACCC said it will issue a public competition assessment, providing an explanation for its view on the proposed acquisition and the undertaking, in due course.