Thermo Fisher Scientific Inc. has signed a definitive agreement to acquire Phadia, a global leader in allergy and autoimmunity diagnostics, from European private equity firm Cinven for €2.47bn (approx. $3.5bn) in cash.

Thetransaction, which is expected to be complete in the fourth quarter of 2011, is expected to be immediately accretive to Thermo Fisher’s adjusted earnings per share.

Based in Uppsala, Sweden, Phadia develops, manufactures and markets complete blood-test systems to support the clinical diagnosis and monitoring of allergy and autoimmune diseases. Since its founding in 1967, Phadia has been a pioneer in bringing new allergy diagnostic tests to market, and is the global leader for in vitro allergy diagnostics and a European leader in autoimmunity diagnostics. The company had 2010 total sales of €367m (approx. $525m), representing a three-year compounded annual growth rate of 10% on a constant currency basis.

Phadia will be part of Thermo Fisher’s Specialty Diagnostics business within its Analytical Technologies Segment. Phadia has approximately 1,500 employees globally.