Kubilius hails historic deal

VILNIUS - Prime Minister Andrius Kubilius has praised the recent finalization of the largest private business deal since Lithuania regained independence. 

The deal saw Thermo Fisher Scientific buy out Lithuanian biotechnology company Fermentas International. The value of the contract is 260 million US dollars (about 728 million Litas), which is considered to be the largest private transaction in the history of modern Lithuania.

"It is particularly important that the foundations for this contract were laid by the Lithuanian scientists whose long-term and arduous efforts as well as creativity have generated an enormous value, which has now been confirmed by one of the world leaders in biotechnology," Kubilius said in a press release.

"This is the only way for the science and modern technology to turn into modern global business thus fulfilling Lithuania’s goal to become a Baltic-Nordic service hub," he said.

According to the government press release Thermo Fisher Scientific is the world's largest private scientific research company. The company employs about 35 thousand people, with the annual revenue over 10 billion US dollars.

Fermentas International has approximately 500 employees and its headquarters are in Burlington (Ontario, Canada), the main activities are carried out in Vilnius. In 2009, the group's annual revenues amounted to about 55 million US dollars. Fermentas will become a part of analytical technology unit at Thermo Fisher.