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Medicover increases its stake in NIPD Genetics

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Medicover increases its stake in NIPD Genetics

NIPD Genetics announces that Medicover AB (Public) (“Medicover”) has committed to acquire shares from existing shareholders of NIPD Genetics and to strengthen its presence in the share capital of NIPD Genetics from 18.9% to 87.2%. The transaction is subject to the usual merger control approvals and is expected to be completed in the first quarter of 2022.

The purchase price for 68.3% of the shares to be acquired amounts to € 44.4 million without borrowing, which determines its business value at € 65 million. The transaction will be financed with the current committed loan facilities. and will be consolidated when regulatory approval is obtained. The value of the transaction implies a high single digit EBITDA multiplier, excluding synergies.

Medicover was founded in 1995 and is a leading international company in the field of healthcare and diagnostic services. It has a large number of outpatient clinics, hospitals, specialized care facilities, laboratories and blood collection points, with access to large markets such as Poland and Germany.

This development is an important milestone in the history of NIPD Genetics. The strategic partnership with Medicover will help enhance research and development, as well as commercialize advanced innovative genetic testing and technologies aimed at preventing and better diagnosing genetic diseases and improving clinical care and human quality of life.

The innovative technology and extensive know-how of NIPD Genetics in antenatal care complements and expands the provision of advanced genetic services and Medicover products in its markets. At the same time, the geographical reach of NIPD Genetics allows Medicover to penetrate new markets faster, offering a combined portfolio of specialized products.

NIPD Genetics state-of-the-art laboratories are CAP accredited and certified according to CLIA and ISO standards. The company's revenues in 2020 amounted to € 16.2 million, while the number of employees amounted to 170 people.

“NIPD Genetics's proprietary technology platform, together with its talented team of experts, and Medicover Genetics state-of-the-art diagnostic services, will bring us one step closer to leading the international genetic diagnostics market,” said the CEO. of Medicover, Fredrik Rågmark.

The CEO of NIPD Genetics Prof. Filippos Patsalis expressed his satisfaction for the development of the strategic cooperation stating that “For NIPD Genetics, this is a step towards the next level of development. “Our operational synergies will further enhance the development and commercialization of our innovative genetic testing, while maintaining the high level of service that our partners expect from us.”

The transaction process is approved by the PSC.

For more information contact www.nipd.com

Source: www.philenews.com

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