Eurofins Scientific has announced that it has signed an agreement to acquire Diatherix Laboratories, Inc. ("Diatherix") for approximately US$ 50m, plus an earn-out upon achievement of pre-defined revenue and profitability targets. Completion of the transaction is expected in the next 30 days and is subject to applicable regulatory approvals and customary closing conditions.
Based in Huntsville, Alabama, Diatherix is a highly-specialized laboratory providing cutting-edge molecular diagnostic testing services to hospitals and physicians using proprietary TEM-PCR™ (Target Enriched Multiplex Polymerase Chain Reaction) technology for precise detection of infectious diseases at high levels of sensitivity and specificity, and at very short turnaround times. Employing around 100 staff, Diatherix serves close to 7,000 healthcare providers across the US and expects to generate revenues of about US$ 40m in 2015.
TEM-PCR™ is a breakthrough molecular multiplex technology that allows not only rapid DNA/RNA identification of multiple pathogens in a single sample, but also specific genetic drug resistance diagnostic, in as little as 6 hours. Diatherix has developed several diagnostic panels to identify multiple organisms in samples quickly and accurately, helping physicians and healthcare providers choose more effective antimicrobial therapy and improve patient outcomes. The company's service offering and expertise therefore fits perfectly with Eurofins' recent acquisition of ViraCor and its core competence in infectious diseases, immunology, transplant cases and other time-sensitive testing.
With this acquisition, Eurofins strengthens both its pharmaceutical and genomic service offering and reinforces its development into a leading presence in the specialty clinical testing services for hospitals, clinicians and pharmaceutical companies. This acquisition further demonstrates Eurofins' commitment to serve the emerging needs of clinicians, pharmaceutical and biotechnology leaders with laboratory services of the highest quality and reliability.
Comment from Dr. Gilles Martin, Eurofins CEO: "This acquisition reflects our strategy of expanding and strengthening our network of competence centers. Diatherix strengthens Eurofins' growing footprint in the specialty clinical diagnostics market, with truly unique and innovative services with high positive impact for patient care. In combination with ViraCor and Boston Heart, Diatherix reinforces the Group's position in genetic testing to better serve the global healthcare community."