Eurofins signs an exclusive agreement to acquire the Biomnis Group
Monday, June 22, 2015
Eurofins Scientific (EUFI.PA), the global leader in bio-analytical testing, and one of the world leaders in genomic services, announces that it has signed an exclusive agreement with Financière Bio Alfras SAS to acquire the Biomnis Group for approximately EUR 220m. The contemplated transaction is expected to be completed over the summer, subject to customary closing conditions including regulatory approvals and employees' representatives' information and consultation.
Biomnis is one of the main independent specialty/esoteric diagnostic testing service providers in France and Ireland. It is one of the largest independent laboratories in Europe focusing on specialty diagnostic testing, with a strong reputation in many areas including infectious diseases, supported by its renowned competence in molecular biology and cytogenetics. With over 100 years of laboratory testing excellence, Biomnis developed its expertise in high-complexity testing over the last 15 years through investments in state-of-the-art equipment and selected acquisitions. The company employs about 1,200 staff, provides its services in more than 40 countries and has generated over EUR 220m revenues in 2014, three-quarters of which from specialty diagnostics services. Following the recent Biomnis restructuring, Eurofins expects that the company's EBITDA margin should progressively expand from the current low double-digit level towards industry standards and Eurofins' objective over the next few years.
Biomnis has 2 main sites in France (Lyon and Paris) and 1 site in Ireland. In addition, it owns 26 medical biology sites across France that run less complex tests, and are also channels for the specialty diagnostic tests which are then sent on to the laboratories in Paris or Lyon. The company is also active in clinical trials for the pharmaceutical industry, and in forensic testing. Biomnis serves mainly institutional clients including hospitals, pharmaceutical companies and a large number of other third party medical biology laboratories which outsource the more complex tests to Biomnis. Given the ongoing consolidation in the clinical testing sector in Europe, and specifically in France, the company is well-positioned to leverage and strengthen its footprint in the specialty diagnostic testing sector.
Should the contemplated transaction come to closing, the addition of Biomnis to the Eurofins network would strengthen the Group's pharmaceutical and genomic service offering, and consolidate its growing presence in the specialty diagnostic testing sector, following the acquisition of ViraCor, Boston Heart and Diatherix in the US. Furthermore, Biomnis should provide the Group a strong platform in Europe on which to deploy its technical know-how in specialty clinical diagnostic testing, and strengthen its position in this sector in France, in addition to the acquisition of BioAccess. Eurofins' renowned capabilities in genomic testing, and its international presence, should support Biomnis in developing its portfolio of tests and services, as well as consolidate their client reach.
Through Biomnis, Eurofins intends to closely collaborate with the French health authorities, the local medical laboratories industry, as well as public and private hospitals, to support them in fulfilling their objective of ensuring world-class patient care in France. In the context of this partnership with the French Medical Biology profession, should this acquisition proceed successfully, Eurofins intends to offer other selected participants in the local clinical biology testing market in France the option to co-invest in Biomnis specialty laboratory.
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).
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.