Eurobio Scientific to acquire GenDx

Eurobio Scientific, a leading French group in in vitro medical diagnostics and life sciences, has signed an agreement to acquire 100% of the capital and voting rights of the Dutch company Genome Diagnostics BV (GenDx) from its founder and its shareholders for an amount of 135 million euros ($137.1 million).

This acquisition will allow Eurobio Scientific to complete its commercial portfolio with a portfolio of 100% proprietary products among the most efficient in the field of HLA1 diagnostics in order to assess the compatibility between donors and recipients in the context of organ and marrow transplants. It will also strengthen its geographical footprint, mainly in Europe and the USA.

Payment will be made entirely in cash, financed with the Group’s cash and partially through a bank loan for a total of 90 million euros. Completion of this operation is subject to the finalization of the bank financing contract.

A world leader in HLA typing for graft compatibility
Founded in 2005 in Utrecht, the Netherlands, GenDx specializes in the molecular diagnostics of transplants by HLA typing of organs or patients as part of the evaluation of compatibility between donors and recipients. Among others, it is one of the pioneers of typing based on genomic sequencing (SBT or Sequencing Based Typing) for which it currently offers high-resolution solutions based on the most recent NGS2 technologies.

GenDx develops and markets a complete family of products which includes:

• Reagents for performing HLA typing by sequencing;
• Software for analyzing sequencing results, customized for different sequencing techniques and platforms;
• Training modules, facilitating the adoption of its solutions by its customers.

The company has more than 80 employees, mainly based in the Netherlands, including a sales force present in Benelux, Germany and the USA. In 2021, GenDx generated €17 million in revenue, for €6.9 million in EBITDA. During the first half of 2022, GenDx’s revenue is estimated at €11.2 million, for €5.4 million of EBITDA3.

Denis Fortier, deputy managing director and co-CEO of Eurobio Scientific, chairman of EurobioNext, commented: “This operation is transformative for Eurobio Scientific and is fully in line with the development strategy that we have been successfully pursuing for several years and which is based on a direct presence in Europe and an increase in the share of proprietary products. The strong complementarity between our two groups should make it possible to increase the advance of our Group both technologically, geographically and commercially.”

Wietse Mulder, CEO and co-founder of GenDx, added: “For GenDx it was important to get closer to a group led by entrepreneurs. Eurobio Scientific, through its demonstrated agility during the Covid crisis and its complementarity with our activities, quickly appeared to us as the best partner to ensure the continued development of transplantation activities, while strengthening the technological base of our new Group. On a more personal note, I am delighted to join this new group and enable the creation of a leading player in the field of molecular diagnostics in Europe.” Medical Product Outsourcing