Date: 2015-06-29
Type of information: Company acquisition
Acquired company: Emory Genetics Laboratory (USA - GA)
Acquiring company: Eurofins Scientific (Luxemburg)
Amount: $ 40 million (€ 36.44 million)
Terms: * On September 1, 2015, Eurofins Scientific, a global leader in bio-analytical testing and genomic services, announces the successful closing of the transaction to acquire a 75% stake in Emory Genetics Laboratory from Emory University's School of Medicine. This laboratory is renowned for testing rare genetic disorders, and leads the industry in gene panels including cancer testing and exome sequencing to aid diagnosis, prognosis, management and targeted drug therapy, in addition to expanded carrier testing capabilities. The lab serves over 400 institutional clients (hospitals and other commercial laboratories) across the US, and expects to generate revenues in excess of US$ 15m for 2015. * On June 29, 2015, Eurofins Scientific announced that it has signed an agreement to acquire a 75% stake in Emory Genetics Laboratory from Emory University's School of Medicine for approximately US$ 40m in cash, subject to standard closing adjustments. Founded in 1970, EGL employs around 100 staff at its laboratory in Atlanta, GA, and serves over 400 institutional clients (hospitals and other commercial laboratories) across the US. It expects to generate revenues in excess of $ 15m for 2015. EGL's competencies advance Eurofins' footprint in the genetics and genomic segment of the specialty clinical diagnostic testing market. Its expertise in genetic diseases and cancer testing fully complements Eurofins leading position in infectious diseases, achieved through the acquisition of ViraCor-IBT and Diatherix, and in cardiovascular diseases with that of Boston Heart. With this acquisition of EGL, Eurofins further 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. Post-closing, the company will be known as EGL Genetic Diagnostics, LLC, a joint venture company of Eurofins and Emory University.
Details: Emory Genetics Laboratory provides high-complexity molecular, biochemical and cytogenetic testing for rare and common genetic diseases and disorders. Founded in 1970, EGL employs around 100 staff at its laboratory in Atlanta, GA, and serves over 400 institutional clients (hospitals and other commercial laboratories) across the US. It expects to generate revenues in excess of US$ 15m for 2015. The laboratory has comprehensive testing facilities for cytogenetic, biochemical and molecular genetics. As the first academic laboratory to bring Next Generation Sequencing (NGS) technologies to the commercial clinic market, EGL remains a leading player in cutting-edge genetic tests, with "first-to-market" tests comprising more than 80% of its analytical portfolio. As a leading NGS testing laboratory, EGL believes it has the largest menu of NGS panels in the industry, and conducts over 35,000 tests annually for genetic diseases, carrier screening, as well as prenatal testing.
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