Thermo Fisher Scientific is acquiring PPD Inc., a provider of clinical research services to the pharma and biotech industry. The companies’ boards of directors approved an acquisition agreement worth $17.4 billion and $47.50 per share, as well as Thermo Fisher’s assumption of approximately $3.5 billion of net debt. PPD will become part of Thermo Fisher’s laboratory products and services segment. In a press release, Thermo Fisher said the acquisition provides it with a drug development platform, patient recruitment capabilities, and laboratory services, supporting its capabilities in pharma and biotech. The transaction is expected to close by the end of 2021.