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
The Board of Directors of Anteo Diagnostics (ASX: ADO) (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.
Media Contact:
Jane Lowe, IR Department
jane.lowe@irdepartment.com.au
+ 61 411 117 774
