In October 2023, Thermo Fisher reported a 1% decrease in revenue in Q3 FY 2023 to $10.57bn, compared to $10.68bn in the same period last year. Credit: Jonathan Weiss/Shutterstock.

Thermo Fisher has announced a new partnership with biotechnology company Flagship Pioneering to establish a string of platform companies.

The platform companies will focus on novel tools and capabilities that support the acceleration of first-in-class therapies and biotech ecosystems.

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The partnership builds on an already established supply relationship between Thermo Fisher and Flagship Pioneering, which supports the latter in the following areas life science tools, diagnostics, and services.

Flagship Pioneering senior partner Justine Levin-Allerhand said: “Our partnership will couple Flagship’s innovative company formation process with Thermo Fisher’s deep understanding of the life sciences industry, as we collaborate to develop transformative capabilities for the ecosystem. We are pleased to expand our relationship with Thermo Fisher and together take bigger leaps in life sciences capabilities, while further empowering our industry.”

Michel Lagarde, executive vice president and chief operating officer at Thermo Fisher Scientific, said: “We look forward to seeing the accelerating effect of Thermo Fisher’s deep technical expertise and extensive commercial capabilities on the future innovations Flagship and its companies will bring to market.”

In October 2023, Thermo Fisher reported a 1% decrease in revenue during the third quarter (Q3) of fiscal year (FY) 2023 to $10.57bn, compared to $10.68bn in the same period last year. In addition, their organic revenue was 3% lower and core organic revenue growth was 1%.

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In the same month, Thermo Fisher set out to acquire Swedish proteomics company Olink for $3.1bn.

It also acquired CorEvitas, a data intelligence company for $912.5m in cash in August 2023 after a drop in Q2 FY 2023 revenues compared to 2022 levels.

Since the start of this year, Thermo Fisher has cut nearly 600 jobs in the US after the shutdown of three manufacturing sites in California. Despite this, a GlobalData job signal report stated they have been the top recruiter in the medical device industry over the past three months from May 2023.