Some of Wall Street’s biggest firms just landed a big pay day
REUTERS/Gary Cameron
Goldman Sachs CEO Lloyd Blankfein
A big deal in biotech is going to line the pockets of some of Wall Street’s biggest firms.
The biotech company Thermo Fisher Scientific has agreed to buy the drug-ingredients maker Patheon in a $7.2 billion deal.
In a statement Monday, Thermo Fisher said it would acquire all outstanding Patheon shares for $35 apiece in cash, 35% higher than where the stock closed Friday.
One of Patheon’s biggest backers, JLL Partners, a Chicago-based private equity firm, stands to make a killing from the deal. According to reporting by Bloomberg, affiliates of JLL could earn $2.2 billion, or nearly five times the original $462 million they invested in March 2014 prior to the company’s initial public offering in July.
Two of Wall Street’s fiercest rivals also stand to profit from the acquisition.
On the buy-side of the deal, Goldman Sachs advised Thermo Fisher and could rake in $30 million, according to data from Freeman & Co.
On the sell-side, Morgan Stanley served as Patheon’s adviser and could make $35 million.
The deal is expected to close by the end of 2017.
Get the latest Goldman Sachs stock price here.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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