Shares of Olink Holding AB (NASDAQ: OLK) are skyrocketing 66.1% higher as of 11 a.m. ET on Tuesday. The huge jump came after Thermo Fisher Scientific (NYSE: TMO) announced plans to acquire Olink for roughly $3.1 billion in an all-cash transaction.

Thermo Fisher's offer price of $26 per share represents a premium of around 74% above the closing price of Olink's American Depositary Shares on Oct. 16, 2023. Olink's largest shareholder, Summa Equity AB, plus other shareholders who together own more than 63% of Olink's common shares, have already agreed to tender their shares to Thermo Fisher.

Thermo Fisher Scientific ranks as one of the biggest life sciences companies in the world. It continually looks for business development opportunities to enhance its market reach. Olink appears to be a good fit.

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Source Fool.com