It seems like Thermo Fisher Scientific Inc. (NYSE:TMO) is not stopping its buying activities anytime soon. Just recently, the company acquired Patheon NV and it is now eyeing other companies in the industry. Thermo has been experiencing average growth rates with as much as 11.45% cash flow for fiscal 2016.

However, all is not well because the number of companies Thermo can acquire is limited. A majority of those that can be acquired have nothing meaningful to show in terms of size. Hence Thermo must look beyond the horizon.

So what potential hits are on Thermo’s dart board?

There are quite a number. One is Bio-Techne Inc, which is dedicated to serving the needs and interests of research labs. Nonetheless, Thermo seems to have more interest inPerkinElmer, Inc. (NYSE:PKI) placing it as a major target of acquisition.

The Waltham, Mass.-based company has a broad range of products and services; from life sciences research, to food to diagnostics to laboratory services markets to industrial and environment among others.

Robert Friel, CEO of PerkinElmer is optimistic about the benefits of acquiring PerkinElmer, which just recently acquired Tulip Diagnostics. He says, “As one of India’s largest domestic in-vitro diagnostic providers, Tulip Diagnostics brings a strong product portfolio, channel access, and broad footprint to help accelerate PerkinElmer’s growth in India.”

Thermo is continuing to grow as it creeps through 2017

Thermo has been making significant development strides in biopharma, a sector that has attributed largely to its growth. According to Bryan Brokmeier of Cantor Fitzgerald LP Thermo’s inclination to variety may have played a primary role in the acquisition of Patheon. The deal should be concluded by the end of 2017.

Meanwhile, Thermo has continued to outsource its divisions of labor and production as it capitalizes on the trends of the industry. In the meantime, TMOs’ stock closed at $174.57 a fall of $0.36 or 0.21%.