Nordic Capital

The Binding Site has grown significantly under Nordic Capital’s and Five Arrows ownership, creating an industry leader in oncology testing for detection and monitoring of Multiple Myeloma

OCTOBER 31 2022

Nordic Capital and Five Arrows have entered into a definitive agreement to sell The Binding Site, a global leader in specialty diagnostics, to Thermo Fisher Scientific (NYSE:TMO), the world leader in serving science. The transaction is valued at GBP 2.25 billion. Since the acquisition of The Binding Site in 2011, the business has made an impressive transformation from a founder-led research-based organisation to a leader in delivering innovative medical solutions that improve the detection, diagnosis and management of blood cancers and immune system disorders.

The transformation has been achieved by significant investments into its technology, growth and with a dedicated focus on R&D to support research and drive improved clinical outcomes. Since 2011, The Binding Site has grown fivefold with revenues amounted to approximately GBP 200 mn in 2022 and more than 40 million tests sold on a global scale. The Binding Site’s Freelite® offering is widely recommended for Multiple Myeloma diagnosis and monitoring across multiple stages of the disease by many major clinical diagnosis and treatment guideline publications. By joining Thermo Fisher Scientific, the world leader in serving science, The Binding Site will be even better positioned to accelerate scientific discovery and expand its product offering.

We are proud to have partnered with The Binding Site. Their cutting-edge technology and innovative specialty diagnostic solutions improve millions of patient lives globally. During Nordic Capital’s ownership the company has experienced strong growth and transformation, achieved by a dedicated focus on R&D investment, commercial focus and global expansion. We are grateful to The Binding Site team, for their dedication and for building strong scientific foundations which support the changing needs of patients and clinicians. This transaction marks the culmination of a very successful partnership, a successful outcome for Nordic Capital’s investors and the start of an exciting next phase for the Binding Site, says Dr Raj Shah, Partner and Head of Healthcare, Nordic Capital Advisors and Jonas Agnblad, Partner, Nordic Capital Advisors and Board Member, The Binding Site.

“The Binding Site has always been a pioneer in the field of protein diagnostics, which has helped create an exceptional following with key opinion leaders in cancer treatment and strong customer loyalty. It has been a great privilege for us to work with Stefan and his management team and we have every confidence that The Binding Site will continue to thrive under the ownership of Thermo Fisher Scientific, says Javed Khan, Managing Partner of Five Arrows.

“We have enjoyed and benefitted greatly from our long-standing partnership with Nordic Capital and Five Arrows and their sustained active support over the years to help us to realise our vision and deliver for our customers and patients. Their supportive approach to investments in R&D, coupled with deep insights and expertise in healthcare has resulted in a consistent long-strategy focused on growth. This transaction marks the beginning of a new and exciting chapter for The Binding Site,” says Stefan Wolf, CEO, The Binding Site.

Nordic Capital has been the majority owner of The Binding Site since 2011 when it completed the acquisition together with Five Arrows. The transaction, which is expected to be completed in the first half of 2023, is subject to customary closing conditions, including regulatory approvals.

Media contact:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50


“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”


About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested close to EUR 22 billion in 130 investments. The committed capital is principally provided by international institutional investors such as pension funds.  Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit


About Five Arrows

Five Arrows is the alternative assets arm of Rothschild & Co and has €22 billion of AuM with offices in Paris, London, New York, Los Angeles, San Francisco and Luxembourg. With over €8 billion of assets under management, the corporate private equity business of Five Arrows is focused on investing in companies with highly defensible market positions; strong management teams; business models with high visibility of organic unit volume growth and strong unit economics; and multiple operational levers that can be used to unlock latent value. Sectors are limited to data and software, technology-enabled business services and healthcare.


About The Binding Site

The Binding Site is a global specialist protein diagnostics company engaged in the research, development, manufacture and distribution of innovative tests used for the detection of cancers and immune disorders. It is a business centered on the idea of working in collaboration with its partners and customers to lead the way in specialised medical diagnostics. The Company is headquartered in Birmingham, UK and has a direct presence in over 23 countries, employing over 1,100 people worldwide. Read more on

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