BOSTON–(BUSINESS WIRE)–Outcome Capital, a specialized investment banking firm that serves
middle market growth companies in the life science and technology
segments, today announced that Meridian Bioscience, a provider of
diagnostic testing solutions and life science raw materials, has
acquired GenePOC’s molecular diagnostics business portfolio. Meridian
has agreed to make a cash payment at closing of the transaction of $50
million with future payments totaling up to an additional $70 million
contingent upon the successful achievement of certain technical
development milestones and sales thresholds. Outcome Capital served as
the exclusive strategic and financial advisor to GenePOC for the
transaction.
GenePOC, a provider of molecular diagnostic instruments and assays, is a
Canadian affiliate of Debiopharm Group, a biopharmaceutical company
engaged in the development of a broad variety of targeted oncology
therapies and antibiotics. Meridian is acquiring GenePOC’s cutting-edge
revogene™ molecular diagnostics platform, which offers sample to result
testing for single tests, as well as flexible multiplexing capability.
Meridian is a fully integrated company with a long, proven history in
the laboratory diagnostics and life science market. revogene will
complement Meridian’s existing molecular platform and is a perfect fit
with the company’s stated strategy to provide gastrointestinal disease
and core respiratory illness diagnostics solutions for the diverse needs
of complex medical health systems.
“We believe that GenePOC’s revogene system offers numerous benefits over
other molecular platforms on the market with much simpler and needed
solutions for panels assays. The revogene system also fulfills a clear
market demand for the migration from central laboratories to near
patient diagnostic solutions,” said Patrice Allibert, PhD, CEO of
GenePOC. “We are confident that our talented friends at Meridian will
effectively leverage GenePOC’s cutting-edge technology for the benefit
of both patients and physicians.” Dr. Allibert added, “With the
assistance of Outcome’s recognized expertise in the biomedical field,
GenePOC was able to devise and communicate a market-aligned strategy
leading to the completion of the transaction efficiently and
effectively. We are very pleased with the way Outcome supported us
throughout this process.”
Jack Kenny, Meridian’s Chief Executive Officer, commented, “We are very
excited to be adding the GenePOC technology and team to Meridian.
GenePOC provides an exciting new state-of-the-art molecular diagnostics
platform to our Diagnostics portfolio. This is a critical element of our
strategy to re-position our Diagnostics business for sustainable
long-term growth. GenePOC’s revogene™ platform is an excellent fit for
our customers and strategy to offer gastrointestinal-focused and other
targeted diagnostic solutions to meet the diverse needs of today’s more
complex health care system. We welcome the GenePOC team to the Meridian
family and look forward to leveraging Meridian’s strong and established
commercial infrastructure to offer revogene™ and its menu of assays to
our current and new customers.”
About Outcome Capital
Outcome Capital is a unique life science and technology investment bank
with a global reach, providing middle market companies with a
value-added approach to mergers and acquisitions, corporate finance and
advisory services. The life science group covers biotechnology, pharma,
medical technology, digital health and molecular diagnostics. The firm
uses its proven ‘strategy-led execution’ approach to value enhancement
by assisting boards and management teams in navigating both the
financial and strategic markets and in implementing the best path to
liquidity. Outcome Capital’s strength stems from its unique ability to
draw on its wide range of operational, strategic and investment
experience, its expertise across the life science value chain, and its
broad industry relationships. For more information, visit: www.outcomecapital.com.
About GenePOC
Founded in 2007 by Dr. Michel Bergeron, GenePOC specializes in the
development of diagnostic devices which enable the prevention and
detection of infectious diseases. The company aims to become the market
leader in the rapid microbial testing. GenePOC’s revogeneTM,
a compact, automated instrument using patented, single used cartridges
based on microfluid technology, called PIEs, leveraging PCR techniques
in real time. revogeneTM is available in the US, EU and
Canadian markets. Further information: www.genepoc-diagnostics.com
About Meridian Bioscience
Meridian is a fully integrated life science company that develops,
manufactures, markets and distributes a broad range of innovative
diagnostic products. We are dedicated to developing and delivering
better solutions that give answers with speed, accuracy and simplicity
that are redefining the possibilities of life from discovery to
diagnosis. Through discovery and development, we provide critical life
science raw materials used in immunological and molecular tests for
human, animal, plant, and environmental applications. Through diagnosis,
we provide diagnostic solutions in areas including gastrointestinal and
upper respiratory infections and blood lead level testing. We build
relationships and provide solutions to hospitals, reference
laboratories, research centers, veterinary testing centers, physician
offices, diagnostics manufacturers, and biotech companies in more than
70 countries around the world. Meridian’s shares are traded on the
NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.
Contacts
Michelle Linn
Bioscribe
Email: michelle@bioscribe.com
Oded Ben-Joseph, PhD
Managing Director
Outcome Capital
Email:
oben-joseph@outcomecapital.com