Eurofins signs agreement to acquire Experchem Laboratories, Inc. in Canada
Thursday, May 7, 2015
Eurofins Scientific (EUFI.PA), the world leader in food and pharmaceutical products testing, announces that it has signed an agreement to acquire Experchem Laboratories, Inc. (Experchem), a comprehensive analytical testing service provider, with renowned competence in nutraceuticals testing. The transaction is expected to close in 30 days subject to customary closing conditions.
Founded in 1981, Experchem employs about 95 staff at its laboratory in Toronto, and generates revenues in excess of CA$ 10m. Certified by both Health Canada and the Food and Drug Administration (FDA) in the US, Experchem provides comprehensive testing solutions primarily to pharmaceutical and nutraceutical industries, with significant expertise in natural health products (NHPs), the Canadian equivalent of nutraceuticals, as well as in functional foods and beverages.
The company provides full testing and regulatory services to ensure that clients' products are fully compliant with NHP regulations, and is ideally positioned for growth, given that functional food and NHP are Canada's fastest growing agriculture and agri-food sectors. Furthermore, whilst Canada currently has more stringent NHP regulations compared to the US, reports indicate that the FDA is increasingly likely to strengthen nutraceuticals regulations. Experchem's expertise, together with Eurofins' long-established neutracuticals testing competence center in Petaluma, California, should therefore reinforce Eurofins' capabilities to benefit from growth in US nutraceuticals testing from increased regulations, and achieve leadership in this attractive market.
In addition, Experchem also conducts full cGMP quality control (QC) testing services for over the counter (OTC) drugs, providing a platform for Eurofins to extend its current leading pharmaceutical products testing position into Canada.
Comment fromDr. Gilles Martin, Eurofins CEO: "The acquisition of Experchem facilitates Eurofins' expansion into Canada, as well as reinforces our capabilities in key niche markets such as nutraceuticals testing, and our leadership in biopharmaceutical products quality control. In return, we look forward to providing Experchem access to the full capabilities of the Eurofins Group and our client relationships to further strengthen their position in the domestic market."
For more information about Eurofins, please visit www.eurofins.com or contact:
Eurofins Scientific Group
Phone: +32 2 766 1620
Notes for the editor:
Eurofins - a global leader in bio-analysis
Eurofins Scientific is the world leader in food and pharmaceutical products testing. It is also number one in the world in the field of environmental laboratory services and one of the global market leaders in agroscience, genomics, discovery pharmacology and central laboratory services.
With over 17,000 staff in more than 200 laboratories across 36 countries, Eurofins offers a portfolio of over 130,000 reliable analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products. 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 around the world.
The shares of Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
 Nutraceuticals are not required to undergo pre-market approval process (http://www.fda.gov/Food/DietarySupplements/) whilst NHPs must have a license before they can be sold in Canada ( http://www.hc-sc.gc.ca/dhp-mps/prodnatur/about-apropos/index-eng.php)
 The state of New York had published a study finding the Dietary Supplement Health and Education Act insufficient (https://www.health.ny.gov/regulations/task_force/docs/dietary_supplement_safety.pdf)
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.