Eurofins reinforces its specialty clinical diagnostics footprint by entering into a joint venture with Emory University to further develop Emory Genetics Laboratory
Monday, June 29, 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 agreement to acquire a 75% stake in Emory Genetics Laboratory ("EGL") from Emory University's School of Medicine for approximately US$ 40m in cash, subject to standard closing adjustments.
EGL provides high-complexity molecular, biochemical and cytogenetic testing for rare and common genetic diseases and disorders. Founded in 1970, EGL employs around 100 staff at its laboratory in Atlanta, GA, and serves over 400 institutional clients (hospitals and other commercial laboratories) across the US. It expects to generate revenues in excess of US$ 15m for 2015.
EGL is renowned for testing rare genetic disorders. The laboratory has comprehensive testing facilities for cytogenetic, biochemical and molecular genetics. As the first academic laboratory to bring Next Generation Sequencing (NGS) technologies to the commercial clinic market, EGL remains a leading player in cutting-edge genetic tests, with "first-to-market" tests comprising more than 80% of its analytical portfolio. As a leading NGS testing laboratory, EGL believes it has the largest menu of NGS panels in the industry, and conducts over 35,000 tests annually for genetic diseases, carrier screening, as well as prenatal testing. Furthermore, EGL is leading the industry in gene panels including cancer testing and exome sequencing, to aid diagnosis, prognosis, management and targeted drug therapy (e.g., personalized medicine), in addition to expanded carrier testing capabilities.
EGL's competencies advance Eurofins' footprint in the genetics and genomic segment of the specialty clinical diagnostic testing market. Its expertise in genetic diseases and cancer testing fully complements Eurofins leading position in infectious diseases, achieved through the acquisition of ViraCor-IBT and Diatherix, and in cardiovascular diseases with that of Boston Heart. With this acquisition of EGL, Eurofins further strengthens both its pharmaceutical and genomic service offering and reinforces its development into a leading presence in the specialty clinical testing services for hospitals, clinicians and pharmaceutical companies. Post-closing, the company will be known as EGL Genetic Diagnostics, LLC, a joint venture company of Eurofins and Emory University.
Comment fromDr. Madhuri Hegde, Executive Director, EGL: "The team at Emory Genetics Laboratory is excited about working with Eurofins, contributing our unparalleled expertise in clinical diagnostics, and expanding the reach of our experience to an international patient community. Our team of more than 100 staff members is led by a highly experienced and knowledgeable team of laboratory directors who are pioneers in the field of human genetics."
Comment fromDr. Gilles Martin, Eurofins CEO: "This joint venture with world-renowned medical and scientific teams at Emory University strengthens Eurofins' growing footprint in the specialty clinical diagnostics market, and provides the Group a truly unique platform to leverage its renowned competence in genomic testing to better serve the global healthcare community. In combination with ViraCor, Boston Heart and Diatherix, EGL provides Eurofins a leading position in the most technologically-driven segment of the specialty clinical diagnostic testing 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).
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.