Thermo Fisher Scientific, Inc. (NYSE:TMO) has announced the extension of its partnership with Flagship Pioneering, focusing on the development and commercial scaling of multiproduct platforms at an accelerated pace. This expanded collaboration now encompasses Flagship’s network of businesses, utilizing both companies’ expertise in life science tools, diagnostics, and services.
The primary objective of this development is to strengthen the Life Science Solutions segment. Flagship Pioneering, a biotechnology firm known for creating and developing platform businesses with the potential to revolutionize sustainability or human health, will play a pivotal role in this extended partnership.
The joint efforts between Thermo Fisher and Flagship aim to establish new platform firms concentrating on innovative tools and capabilities to enhance the biotech ecosystem, expediting the development of first-in-class medicines. With both companies having been suppliers for many years, this collaboration represents a significant step in their enduring partnership.
Strategically, this partnership positions Thermo Fisher as the industry’s go-to partner, leveraging its strong scientific expertise and broad commercial skills to drive innovation. Flagship Pioneering seeks to accelerate the impact of Thermo Fisher’s capabilities on future discoveries brought to market.
To fully realize the potential of innovative modalities for human and environmental health, this collaboration combines TMO’s in-depth knowledge of the life sciences sector with Flagship Pioneering’s creative approach to company creation, aiming to create revolutionary capabilities within the ecosystem.
Considering industry prospects, a report by Grand View Research indicates that the global life science tools market size was valued at $144.08 billion in 2022 and is projected to expand at a CAGR of 10.8% from 2023 to 2030. This growth is attributed to advancements in sequencing, MS, chromatography, NMR, and other products by life science tools companies, coupled with investments in advanced therapeutics and consistent demand for novel medicine and treatments.
Highlighting Thermo Fisher’s recent partnerships, in October 2023, the company entered into a companion diagnostic (CDx) partnership with Boehringer Ingelheim to support precision therapies, focusing on reliable genomic testing for patients with non-small cell lung cancer. Additionally, in September 2023, Thermo Fisher collaborated with the National Minority Quality Forum (NMQF) to enhance clinical research in historically underserved patient populations through NMQF’s Alliance for Representative Clinical Trials (ARC). The collaboration aims to increase the capacity of community health clinics to participate in clinical studies, fostering inclusivity in the clinical research process.
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