Eurofins expands its clinical diagnostic footprint with the acquisition of Megalab in Spain
Friday, September 30, 2016
Eurofins Scientific (EUFI.PA), a global leader in bio-analytical testing, and one of the world leaders in genomic services, announces the acquisition of Megalab SA (“Megalab”), one of the top five clinical diagnostic laboratory groups in Spain, for approximately EUR 40m.
Headquartered in Madrid, where the central laboratory is based, Megalab operates 83 sites, of which 35 are located in private hospitals. It has the biggest geographical coverage in Spain with direct access to patients in 35 out of 50 provinces. With its strong reputation within the domestic healthcare industry for high-quality clinical testing services and its extensive geographic footprint, Megalab has entered into reimbursement agreements with the main private insurers offering their patients a broad range of diagnostic testing services including immunology, molecular diagnostics and cytogenetics. The company employs about 550 staff across its sites, and expects to generate revenues in excess of EUR 45m in 2016.
Megalab’s rapid growth in recent years validates its strategy of building market leadership both organically and through acquisitions, region-by-region. Given the ongoing consolidation in the clinical diagnostic testing market in Spain, Megalab is well-positioned to leverage and further strengthen its footprint in the country.
The acquisition of Megalab provides Eurofins entry into the clinical diagnostic testing market in Spain, and reinforces its footprint to serve healthcare professionals in Europe. In return, Eurofins’ vast analytical portfolio and technical resources, as well as the Group’s world class laboratory and systems infrastructure, should support the further development of Megalab’s portfolio of diagnostic tests and services, as well as the expansion of its footprint and client reach.
Comment from Dr. Gilles Martin, Eurofins CEO: “The acquisition of Megalab expands Eurofins’ clinical diagnostic footprint in Europe, and reinforces the platform on which to deploy the Group’s technical know-how and proprietary technologies, including our competencies in specialty diagnostic testing. We are committed to supporting Megalab in further developing its service offering and its geographic footprint to better serve its growing network of patients and clinicians in Spain.”
For more information, please visit www.eurofins.com or contact:
Eurofins Investor Relations
Phone: +32-2-766 1620
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins believes it is the world leader in food, environment and pharmaceutical products testing and that it is also one of the global independent market leaders in certain testing and laboratory services for agroscience, genomics and discovery pharmacology and for supporting clinical studies. In addition, Eurofins is one of the significant emerging players in specialty clinical diagnostic testing in Europe and the USA.
With 25,000 staff in more than 250 laboratories across 39 countries, Eurofins offers a portfolio of over 130,000 validated analytical methods for evaluating the safety, identity, composition, authenticity, origin, traceability and purity of biological substances and products, as well as for innovative clinical diagnostic. 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 and healthcare practitioners around the world.
The shares of Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
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.