WILMINGTON – Life science giant PPD, which is based in Wilmington and has a big lab operation in Research Triangle Park, is being sold in a deal valued at $17.4 billion.

Thermo Fisher Scientific, which is based in Waltham, Mass., and already has a growing North Carolina presence, and PPD announced the deal early Thursday.

Boards of both companies have already OK’d the deal.

The deal will greatly expand Thermo Fisher’s footprint in North Carolina. The global life science services company will add 500 new jobs in Greenville over the next two years as it expands its sterile drug product development and commercial manufacturing of critical medicines, therapies and vaccines.

Thermo Fisher (NYSE: TMO) will pay $47.50 per share for PPD (Nasdaq: PPD), a 24% premimum over PPD stock as of Tuesday, the companies noted.

Thermo Fisher also will assume $3.5 billion in PPD debt.

“This is a very exciting announcement for our shareholders and will provide customers with an even better opportunity to bring meaningful innovation to the market faster and more efficiently,” asaid David Simmons, chairman and chief executive officer of PPD in a statement.

“Thermo Fisher is a world-class company with a very similar culture and values and will provide a great foundation for our colleagues to continue to deliver for our customers and to develop their own skills and careers.”Thermo Fisher is a world-class company with a very similar culture and values and will provide a great foundation for our colleagues to continue to deliver for our customers and to develop their own skills and careers.”

PPD provides clinical research and lab services. It has more than 26,000 employees spread across almost 50 countries.

PPD generated $4.7 billion in revenue last year.

When the deal closes, PPD will become part of Thermo Fisher’s Laboratory Products and Services Segment.

Thermo Fisher provides a variety of services to pharmaceutical and biotech firms.

It has $30 billion in annual revenue and employs more than 80,000 people.

Inside look: Thermo Fisher Scientific’s huge expansion, 500 new jobs plan for NC