- Anteo Diagnostics to acquire 100% of the equity in global specialty diagnostics company, DIAsource ImmunoAssays SA (Belgium), in line with previously announced acquisitive growth strategy
- DIAsource ImmunoAssays generated revenue of EUR11.9m (A$18.0m) in 2014, and EUR7.2m (A$10.9m) in first half of 2015 (25% growth) with quarterly EBITDA margins of 20%
- Purchase price of EUR15.4m (A$23.3m), with a two year earn out to vendors, subject to achievement of financial business targets
- Transformational acquisition to transition Anteo towards a cash flow positive business, with an established global distribution platform, manufacturing capabilities and a significantly broadened product range
- Deal completion subject to financing and regulatory approvals
- New merged business entity of 100 personnel
BRISBANE, Australia, Aug. 26, 2015 /PRNewswire/ -- The Board of Directors of Anteo Diagnostics (Anteo) is pleased to announce that it will acquire DIAsource ImmunoAssays, SA (DIAsource), an established global specialty diagnostics company based in Belgium, pursuant to a Share Purchase Agreement executed yesterday (Agreement).
DIAsource is a vertically-integrated specialty diagnostics company that develops, manufactures, markets and distributes clinical diagnostics products in the fields of endocrinology, especially bone metabolism, fertility, cardiovascular and oncology.
DIAsource is a truly international company that services customers in 75 countries worldwide; and sells products both directly and through a global network of 90 main distributors and 40 OEM partners.
The Company generated revenue of EUR11.9m (A$18.0m) in 2014 and EUR7.2m (A$10.9m) in the first half of 2015. This represents revenue growth of 25% with an average EBITDA margin of 20.6% this year. DIAsource recently achieved its fifth consecutive revenue growth quarter and fifth consecutive best quarter ever in the company's history, thanks to growth in its Vitamin D portfolio and its established line of specialty RIA and ELISA assays, two different forms of immunoassays.
DIAsource has a highly flexible supply chain with a fully IVD certified production facility to manufacture its complete catalogue of antibodies, ELISA and RIA assays. The Company's headquarters, comprising 4,500 square meters located in Louvain-La-Neuve near Brussels, combines offices and laboratories with a fully integrated manufacturing and storage facility.
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