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Eurofins Scientific. (2/2/15). "Press Release: Eurofins Announces the Successful Closing of the Acquisition of Boston Heart Diagnostics Corporation".
Eurofins Scientific (EUFI.PA), the global leader in bio-analytical testing, and one of the world leaders in genomic services, announces the successful closing of the transaction to acquire Boston Heart Diagnostics Corp. (Boston Heart) following review and approval from relevant regulatory bodies.
As communicated on the 8th of December 2014, Eurofins signed an agreement to acquire Boston Heart for an initial cash amount US$140 million, plus an earn-out payment that is expected to be in excess of US$60 million upon achievement of certain milestones. Boston Heart utilizes a suite of proprietary diagnostics in combination with additional clinical and genetic tests, extensive cardio-informatics capabilities, and ancillary patient engagement services to provide a leading, advanced diagnostics platform to help identify and reduce the risk of cardiovascular disease, diabetes, and other chronic conditions. The company is projected to achieve around $95 million of revenues in 2014, representing a CAGR of over 75% since 2011.
The addition of Boston Heart into its network strengthens Eurofins' clinical testing and genomic service offering, building on the presence in the specialty clinical testing market created with the acquisition of ViraCor-IBT (VIBT) earlier in 2014.
Comment fromDr. Gilles Martin, Eurofins CEO: "I am pleased to officially welcome Boston Heart into the Eurofins global network of laboratories. Boston Heart allows the Group to leverage its genomic testing capabilities, and at the same time further expand its operating footprint, test portfolio and client reach into promising growth areas".
For more information about Eurofins, please visit www.eurofins.com or contact:
Eurofins Scientific Group
Phone: +32 2 766 1620
Notes for the editor:
Eurofins - a global leader in bio-analysis
Eurofins Scientific is the world leader in food and pharmaceutical products testing. It is also number one in the world in the field of environmental laboratory services and one of the global market leaders in agroscience, genomics, discovery pharmacology and central laboratory services.
With over 16,000 staff in more than 200 laboratories across 36 countries, Eurofins offers a portfolio of over 100,000 reliable analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products. The Group provides its customers with high-quality services, accurate results on time and expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by expanding both its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions and the most comprehensive range of testing methods.
As one of the most innovative and quality oriented international players in its industry, Eurofins is ideally positioned to support its clients' increasingly stringent quality and safety standards and the expanding demands of regulatory authorities around the world.
The shares of Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
Important disclaimer: This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgement of Eurofins Scientific’ management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantee can be made as to their validity.
Record changed: 2016-03-20
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