Bruker Announces Share Purchase Agreement to Acquire Molecular Diagnostics Innovator ELITechGroup
February 28 2024 - 6:00AM
Business Wire
- ELITechGroup is a differentiated, fast growing and
profitable systems and assay provider for molecular diagnostics
(MDx), biomedical systems/specialty IVD, and microbiology
- ELITechGroup offers the proprietary, fully automated
sample-to-answer (S2A) molecular diagnostic (MDx) systems InGenius®
and BeGenius® for mid-sized hospitals and esoteric testing
- Large and diversified ELITech MDx assay portfolio is focused
on pathogens and viral disease
- ELITechGroup has its R&D, manufacturing and commercial
focus on Europe and the Americas
- Bruker to acquire ELITechGroup revenues of ~Euro 150 million
p.a. with >80% consumables revenue
Bruker Corporation (Nasdaq: BRKR) announced today that it has
entered into a definitive share purchase agreement with TecFin S.à
r.l., a controlled affiliate of PAI Partners, a pre-eminent private
equity firm, to acquire ELITechGroup, for €870 million in cash,
excluding the carved out ELITech clinical chemistry business. As
reported in an 8-K SEC filing on December 26, 2023, Bruker had
previously entered into a put option agreement with the sellers,
pending workers’ council consultations in France and The
Netherlands. This put option has now been exercised, and the
parties have entered into a binding share purchase agreement.
Bruker expects to close the transaction in the second quarter of
2024, subject to regulatory approvals, the carve-out of the
clinical chemistry business, and other customary closing
conditions.
ELITechGroup, with over 500 employees and over 40 active
patents, develops and commercializes innovative, proprietary
molecular diagnostic (MDx) systems and assays, as well as niche
biomedical systems and microbiology products. Its molecular
diagnostic business accounts for the majority of the to-be-acquired
revenues and provides the unique sample-to-answer (S2A) instruments
InGenius® and BeGenius® in the mid-to-high throughput MDx category.
Both offer a broad and differentiated menu of esoteric and
mainstream PCR diagnostic assays for infections that are
transplant-incurred, sexually transmitted, respiratory,
gastrointestinal, blood-borne, hospital-acquired and more. There is
currently a global installed base of more than 1,000 InGenius and
BeGenius systems in clinical routine usage, with a focus on Europe
and Latin America, primarily in mid-sized hospitals and clinical
laboratories, or as esoteric testing platforms in large hospitals
and labs, where they are complementary to high-volume MDx systems
by other Tier 1 IVD companies.
ELITechGroup´s biomedical systems and microbiology businesses
include automated slide stainers, cystic fibrosis sweat testing
instruments, osmometer instruments and selected microbiology
consumables and assays.
Dr. Wolfgang Pusch, the President of Bruker’s Microbiology and
Infection Diagnostics division, said: “The ELITech MDx business
will give Bruker access to modern sample-to-answer (S2A) systems
and a broad infectious disease assay portfolio, including viral
testing. ELITech’s breadth of testing menu, ease of use, and fast
time-to-result complements Bruker’s novel LiquidArray® syndromic
panels, specialty fungal infection, tuberculosis, mycobacteria and
HIV MDx portfolio. The ELITech esoteric molecular diagnostics
portfolio is nicely complementary to our MALDI Biotyper® microbial
identification platform in infectious disease diagnostics, and both
together establish Bruker as an innovative and growing ’Tier 2’
infectious disease specialist in the in-vitro diagnostics (IVD)
market.”
Dr. Christoph Gauer, the CEO of ELITechGroup, who is expected to
join Bruker with his entire leadership team, added: “ELITechGroup
is the company that it is today thanks to our teams' hard work and
drive for innovation, and our partnership with PAI. Establishing
this unique business within Bruker - a well-respected global
life-science tools and specialty diagnostics company - provides an
exciting opportunity to further grow our molecular diagnostics,
microbiology and biomedical systems portfolios. We expect to
capitalize on infectious disease portfolio and commercial synergies
for opportunities to further expand our portfolio, utilizing
R&D innovations and global customer support within Bruker.”
ELITechGroup, excluding the clinical chemistry business,
achieved approximately €150 million in revenues in 2023, with
further financial details to be provided after the closing of the
transaction. The 2023 ELITech revenues included about €5 million of
COVID-related MDx revenues, while non-COVID-related revenues have
grown at a double digit CAGR from pre-COVID times through 2023.
ELITech generates most of its revenues in Europe, with significant
business also in North and Latin America. Its major R&D and
operations sites are in Italy, the United States, France and
Germany.
Bruker expects to fund the acquisition using cash on hand and
established debt financing. Upon closing, ELITech is expected to be
a stand-alone business within Bruker’s Microbiology and Infection
Diagnostics division, as a part of the Bruker CALID Group.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries
and develop new applications that improve the quality of human
life. Bruker’s high performance scientific instruments and high
value analytical and diagnostic solutions enable scientists to
explore life and materials at molecular, cellular and microscopic
levels. In close cooperation with our customers, Bruker is enabling
innovation, improved productivity and customer success in life
science molecular and cell biology research, in applied and pharma
applications, in microscopy and nanoanalysis, as well as in
industrial applications. Bruker offers differentiated, high-value
life science and diagnostics systems and solutions in preclinical
imaging, clinical phenomics research, proteomics and multiomics,
spatial and single-cell biology, functional structural and
condensate biology, as well as in clinical microbiology and
molecular diagnostics. For more information, please visit:
www.bruker.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240228291399/en/
Investor: Justin Ward Sr. Director, Investor Relations
& Corporate Development, Bruker Corporation T: +1 (978)
313-5800 E: Investor.Relations@bruker.com
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