Meridian Bioscience, Inc. (NASDAQ: VIVO) has completed the acquisition of the business of GenePOC Inc. from majority shareholder Debiopharm Group, founder Dr. Michel Bergeron, and other shareholders.
With the acquisition, Meridian is getting GenePOC’s state-of-the art revogene molecular diagnostics platform, which offers sample to result testing for single tests, as well as flexible multiplexing capability.
Meridian Bioscience paid US $50 million in cash at closing, will pay up to US $20 million in fiscal 2021 contingent upon the achievement of product development milestones, and up to US $50 million in fiscal 2023 based on certain sales and profit margin thresholds to be measured in fiscal 2022.
Fasken Martineau DuMoulin LLP acted as legal counsel to GenePOC.
Founded in 2007, Quebec City based GenePOC specializes in the development of diagnostic devices which enable the prevention and detection of infectious diseases.
Debiopharm Group acquired a majority stake in GenePOC from Emerillon Capital in 2016.
Cincinnati, Ohio based Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic products.
photo credit: GenePOC
News Release
Meridian Bioscience Announces Closing of Transaction to Acquire Business of GenePOC
CINCINNATI, June 03, 2019 (GLOBE NEWSWIRE) — Meridian Bioscience, Inc. (NASDAQ: VIVO), a provider of diagnostic testing solutions and life science raw materials, today announced it has completed its previously announced acquisition of the business of GenePOC Inc., a Quebec City, Quebec, Canada based provider of molecular diagnostic instruments and assays.
About Meridian Bioscience, Inc.
Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic products. We are dedicated to developing and delivering better solutions that give answers with speed, accuracy and simplicity that are redefining the possibilities of life from discovery to diagnosis. Through discovery and development, we provide critical life science raw materials used in immunological and molecular tests for human, animal, plant, and environmental applications. Through diagnosis, we provide diagnostic solutions in areas including gastrointestinal and upper respiratory infections and blood lead level testing. We build relationships and provide solutions to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers, and biotech companies in more than 70 countries around the world.
Meridian’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.
Contact:
Jack Kenny
Chief Executive Officer
Meridian Bioscience, Inc.
Phone: 513.271.3700
Email: mbi@meridianbioscience.com