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.
“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.”
Patrice Allibert, PhD, CEO of GenePOC
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.”
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.