Thermo Fisher Scientific Inc. TMO recently announced the completion of its PeproTech buyout on December 30, 2021 for a total cash consideration of around $1.85 billion. The acquisition is set to complement Thermo Fisher's cell culture media products on the back of PeproTech’s recombinant proteins portfolio, thereby allowing the former to offer its customers substantial benefits through an integrated offering.Following this acquisition, PeproTech will become part of Thermo Fisher’s biosciences business and will be integrated into the company’s Life Sciences Solutions segment. Completion of this buyout will enhance Thermo Fisher’s capabilities to cater to the high-growth cell and gene therapy market.The recent acquisition is likely to fortify Thermo Fisher’s Life Sciences Solutions segment.Few Words on PeproTechCranbury, NJ-based PeproTech is a provider of bioscience reagents (known as recombinant proteins), including cytokines and growth factors. Recombinant proteins are utilized in the development and manufacturing of cell and gene therapies as well as in broader cell culture applications, particularly for use in cellular research models.Significance of the AcquisitionPer Thermo Fisher’s management, PeproTech will be an excellent strategic fit for Thermo Fisher’s biosciences business. It will enable the company to better serve its pharma and biotech customers by adding new capabilities to its existing offerings.Together with the strength of Thermo Fisher's proprietary bioprocessing and cell culture technologies, this complementary transaction will position Thermo Fisher to partner with its customers to drive the advancement of the rapidly-growing market for cell and gene therapies.Image Source: Zacks Investment ResearchThermo Fisher can fall back on its commercial reach that will help the company to efficiently grow the PeproTech business and generate attractive financial results.Industry ProspectsPer a report by BCC Research, the global cell and gene therapy market was valued at $2.59 billion in 2020, and it is expected to reach $25 billion by 2027, at a CAGR of 33.82%. Increasing incidences of cancer and other chronic diseases, rising number of clinical trials, favorable regulatory environment, and FDA approvals for cell and gene therapy products are the major factors driving the market.Considering the impressive market growth opportunities, Thermo Fisher’s recent acquisition is well thought-of.Recent DevelopmentsIn December 2021, Thermo Fisher completed its colossal $17.4-BILLION acquisition of PPD, Inc. Notably, PPD is a renowned global contract research organization providing clinical research services to the biopharma and biotech industry. Per Thermo Fisher’s management, the addition of PPD's leading clinical research services expands the company’s value proposition for its biotech and pharmaceutical customers, strengthening its work in developing life-changing therapies that benefit patients worldwide.In the same month, Thermo Fisher announced its receipt of the FDA premarket approval for its Oncomine Dx Target Test as a companion diagnostic (CDx) to help identify epidermal growth factor receptor Exon20 insertion mutations in patients with non–small cell lung cancer who may undergo treatment with RYBREVANT.Price PerformanceShares of the company have gained 24% in a year compared with the industry's rise of 1.1%.Zacks Rank and Key PicksThermo Fisher currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.A few other top-ranked stocks in the broader medical space that investors can consider are AMN Healthcare Services, Inc. AMN, Apollo Endosurgery, Inc. APEN and Laboratory Corporation of America Holdings LH.AMN Healthcare, carrying a Zacks Rank #1, has a long-term earnings growth rate of 16.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 19.5%, on average.AMN Healthcare has outperformed its industry over the past year. AMN has gained 65.2% versus 54.9% industry decline.Apollo Endosurgery, carrying a Zacks Rank #2, has a long-term earnings growth rate of 7%. The company‘s earnings surpassed estimates in the trailing four quarters, delivering a surprise of 25.6%, on average.Apollo Endosurgery has outperformed its industry in the past year. APEN has gained 114.6% compared with the industry’s 1.2% growth.Laboratory Corporation surpassed earnings estimates in each of the trailing four quarters, the average surprise being 25.7%. The company currently sports a Zacks Rank #1.Laboratory Corporation’s long-term earnings growth rate is estimated at 10.6%. The company’s earnings yield of 9.4% compares favorably with the industry’s 3.4%. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. As one investor put it, “curing and preventing hundreds of diseases…what should that market be worth?” This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Laboratory Corporation of America Holdings (LH): Free Stock Analysis Report Thermo Fisher Scientific Inc. (TMO): Free Stock Analysis Report AMN Healthcare Services Inc (AMN): Free Stock Analysis Report Apollo Endosurgery, Inc. (APEN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research