LUXEMBOURG--(BUSINESS WIRE)--Regulatory News:
Eurofins Scientific (Paris:ERF) (EUFI.PA), the global leader in bio-analytical testing, and one of the world leaders in genomic services, announces that it has signed an agreement to acquire Diatherix Laboratories, Inc. (“Diatherix”) for approximately US$ 50m, plus an earn-out upon achievement of pre-defined revenue and profitability targets. Completion of the transaction is expected in the next 30 days and is subject to applicable regulatory approvals and customary closing conditions.
Based in Huntsville, Alabama, Diatherix is a highly-specialised laboratory providing cutting-edge molecular diagnostic testing services to hospitals and physicians using proprietary TEM-PCR™ (Target Enriched Multiplex Polymerase Chain Reaction) technology for precise detection of infectious diseases at high levels of sensitivity and specificity, and at very short turnaround times. Employing around 100 staff, Diatherix serves close to 7,000 healthcare providers across the US and expects to generate revenues of about US$ 40m in 2015.
TEM-PCR™ is a breakthrough molecular multiplex technology that allows not only rapid DNA/RNA identification of multiple pathogens in a single sample, but also specific genetic drug resistance diagnostic, in as little as 6 hours. Diatherix has developed several diagnostic panels to identify multiple organisms in samples quickly and accurately, helping physicians and healthcare providers choose more effective antimicrobial therapy and improve patient outcomes. The company’s service offering and expertise therefore fits perfectly with Eurofins’ recent acquisition of ViraCor and its core competence in infectious diseases, immunology, transplant cases and other time-sensitive testing.
With this acquisition, Eurofins strengthens both its pharmaceutical and genomic service offering and reinforces its development into a leading presence in the specialty clinical testing services for hospitals, clinicians and pharmaceutical companies. This acquisition further demonstrates Eurofins’ commitment to serve the emerging needs of clinicians, pharmaceutical and biotechnology leaders with laboratory services of the highest quality and reliability.
Comment from Dr. Gilles Martin, Eurofins CEO: “This acquisition reflects our strategy of expanding and strengthening our network of competence centers. Diatherix strengthens Eurofins’ growing footprint in the specialty clinical diagnostics market, with truly unique and innovative services with high positive impact for patient care. In combination with ViraCor and Boston Heart, Diatherix reinforces the Group’s position in genetic testing to better serve the global healthcare community.”
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins Scientific is the world leader in food and pharmaceutical products testing. It is also number one in the world in the field of environmental laboratory services and one of the global market leaders in agroscience, genomics, discovery pharmacology and central laboratory services.
With over 17,000 staff in more than 200 laboratories across 36 countries, Eurofins offers a portfolio of over 130,000 reliable analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products. The Group provides its customers with high-quality services, accurate results on time and expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by expanding both its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions and the most comprehensive range of testing methods.
As one of the most innovative and quality oriented international players in its industry, Eurofins is ideally positioned to support its clients’ increasingly stringent quality and safety standards and the expanding demands of regulatory authorities around the world.
The shares of Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
Important disclaimer:
This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgement of Eurofins Scientific’ management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantee can be made as to their validity.
