Date: 2014-07-01
Type of information: Company acquisition
Acquired company: ViraCor-IBT Laboratories (USA)
Acquiring company: Eurofins Scientific (Luxembourg)
Amount: $255 million (€184.27 million)
Terms: * On July 1, 2014, Eurofins Scientific, the global leader in bio-analytical testing, and one of the world leaders in genomic services, announces the successful closing of the transaction to acquire 100% of ViraCor-IBT Laboratories, Inc. (VIBT) following thorough review and approval from relevant regulatory bodies. * On May 9, 2014, Eurofins Scientific has signed a definitive agreement to acquire ViraCor-IBT Laboratories, Inc. (VIBT) from majority owner Ampersand Capital and other shareholders for approximately $255m, subject to post-closing adjustments. With over 30 years of specialty diagnostic testing experience, VIBT is expected to generate revenues in excess of $80m for calendar year 2014, (having grown organically by 12% in the first quarter of 2014 and 10% in 2013) and EBITDA of $25m. Upon closing of the transaction the company will continue to be known as ViraCor-IBT Laboratories, Inc. Completion of the transaction is expected in the next 60 days and is subject to applicable regulatory approvals and customary closing conditions.
Details: VIBT is a premier esoteric reference laboratory providing biologic and large molecular biomarker support, along with molecular testing (qPCR/sequencing) to hospitals, physicians and biotech/pharmaceutical companies. VIBT is based in the Kansas City metro area with a satellite lab in Los Angeles. The Company serves 550 institutional clients and over 4,000 affiliated clinicians as well as 12 leading pharmaceutical companies across the US. With over 2,000 tests available, the Company offers one of the broadest menus of high-complexity testing available for infectious disease, immunology and allergy complications. VIBT’s facilities include the latest state-of-the-art testing capabilities including quantitative and qualitative PCR, DNA sequencing, ELISA and other immunoassay platforms. The Company provides industry-leading turnaround times as short as 8 to 10 hours from the point of sample receipt to result reporting for its most time-sensitive tests.
With this acquisition, Eurofins strengthens both its pharmaceutical and genomic service offering and establishes a leading presence in the specialty clinical testing services for infectious disease, immunology, allergy, HLA and serology serving hospitals, clinicians and pharmaceutical companies. The transaction also includes retaining the high quality workforce of nearly 270 employees. Given that VIBT already has a large single-site laboratory in Kansas City and a specialized satellite laboratory in California, and is operating in a new market segment for Eurofins in the US, no site consolidations or restructuring costs are foreseen as a result of this acquisition.
Related:
