The UK Competition and Markets Authority (CMA) has approved the US medical equipment provider Thermo Fisher Scientific’s $3.1bn deal to acquire Swedish biotech firm Olink Holding.

Olink provides products and services for advanced analysis of proteins that are key markers of multiple diseases, which in turn help in drug discovery and development.

In October last year, Thermo Fisher announced its plans to acquire Olink, and the board of directors of both companies approved the proposed transaction.

Thermo Fisher agreed to acquire all the outstanding Olink common shares and all the American Depositary Shares (ADS) at $26 per share, representing $26 per ADS.

The transaction values Olink at around $3.1bn, including net cash of around $143m.

In February this year, CMA announced that the proposed transaction would create a relevant merger situation under the merger provisions of the Enterprise Act 2002.

Also, the UK regulator said that the acquisition would result in a substantial reduction of competition within any market in the UK for goods or services.

In May, CMA announced that the proposed acquisition meets the requirements of section 96(2) of the Enterprise Act 2002, according to the merger notice provided by the two companies.

Thermo Fisher intends to fund the transaction using its cash on hand and debt financing.

Olink is expected to generate more than $200m in revenue this year as part of Thermo Fisher.