Eurofins to Acquire ViraCor-IBT Laboratories
News May 12, 2014
VIBT is a premier esoteric reference laboratory providing biologic and large molecular biomarker support, along with molecular testing (qPCR/sequencing) to hospitals, physicians and biotech/pharmaceutical companies. VIBT is based in the Kansas City metro area with a satellite lab in Los Angeles. The Company serves 550 institutional clients and over 4,000 affiliated clinicians as well as 12 leading pharmaceutical companies across the US. With over 30 years of specialty diagnostic testing experience, the Company is expected to generate revenues in excess of $80m for calendar year 2014, (having grown organically by 12% in the first quarter of 2014 and 10% in 2013) and EBITDA of $25m.
VIBT believes it is one of the largest privately-held independent laboratories servicing the specialty diagnostic market segment focused on helping physicians treat time-sensitive patients. With over 2,000 tests available, the Company offers one of the broadest menus of high-complexity testing available for infectious disease, immunology and allergy complications. VIBT's facilities include the latest state-of-the-art testing capabilities including quantitative and qualitative PCR, DNA sequencing, ELISA and other immunoassay platforms. The Company provides industry-leading turnaround times as short as 8 to 10 hours from the point of sample receipt to result reporting for its most time-sensitive tests.
With this acquisition, Eurofins strengthens both itspharmaceutical and genomic service offering and establishes a leading presence in the specialty clinical testing services for infectious disease, immunology, allergy, HLA and serology serving hospitals, clinicians and pharmaceutical companies. This acquisition of VIBT is a further demonstration of Eurofins' commitment to serve the emerging needs of the 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 our network of competence centers. VIBT provides Eurofins strong entry and leadership position in the specialty diagnostic testing market, thereby significantly enhancing our capabilities in pharmaceutical testing. Furthermore, the addition of VIBT into the Eurofins Group allows Eurofins to leverage its renowned competence in genomic testing to better serve the global healthcare community."
The transaction also includes retaining the high quality workforce of nearly 270 employees. Upon closing of the transaction the company will continue to be known as ViraCor-IBT Laboratories, Inc. Completion of the transaction is expected in the next 60 days and is subject to applicable regulatory approvals and customary closing conditions. Given that VIBT already has a large single-site laboratory in Kansas City and a specialized satellite laboratory in California, and is operating in a new market segment for Eurofins in the US, no site consolidations or restructuring costs are foreseen as a result of this acquisition.