Gyros AB, Protein Technologies Merge
News Mar 16, 2016
Gyros AB has announced the companies have entered into a definitive merger agreement, to form Gyros Protein Technologies AB. The merger is expected to be completed within the next 30 days and is subject to certain closing conditions.
Gyros Protein Technologies combines Gyros’ microfluidics, systems development and immunoassay expertise with Protein Technologies’ deep knowledge in developing and manufacturing instruments for peptide synthesis. The Company will provide customers an unrivaled range of sample prep, synthesis and bioanalytical tools for biotherapeutics discovery, development and bioprocessing. With an installed base of more than 1,000 instruments in biopharmaceutical and related markets, coupled with double digit revenue growth and EBITDA positive operations, the combined company is in a strong position to continue delivering innovative products to its customers.
Gyros Protein Technologies will be led by Dan Calvo as CEO (currently CEO of Gyros AB) and Erik Wiberg as CFO (currently CFO of Protein Technologies). David Patteson, currently Chairman of Protein Technologies, will serve as Chairman. Dr. Nate Cosper, CEO of Protein Technologies will serve in a transition role to assist with the integration of the two companies. Current majority shareholders of both Gyros AB and Protein Technologies, which are the AP6 (Sixth Swedish National Pension Fund) and Ampersand Capital Partners respectively, become the major shareholders in Gyros Protein Technologies AB.
Mr. Calvo commented: “Gyros Protein Technologies will build upon the exceptional customer service capabilities and quality culture of Gyros and Protein Technologies. Occupying a top tier market position in several key application areas, most notably bioprocess, and with the target markets representing an opportunity approaching $1 billion worldwide, we are very excited at the prospects this merger offers. The Company has a strong base for further organic growth, supplemented with future M&A activity, which will be a focus of the Company’s executives, shareholders and board of directors.”
Dr. Cosper said: “Protein Technologies has developed deep partnerships with its customers to develop innovative synthesis platforms for peptide science. The merger with Gyros AB further strengthens our R&D and manufacturing infrastructure to enable faster development of new biotherapeutics discovery platforms and consumables. Our combined service and sales organization will have expanded geographic presence, enabling Gyros Protein Technologies to provide even stronger levels of support to its global customers.”
Mr. Patteson added: “The fields of proteins and peptides have merged, and hence so have we, creating a biotherapeutics discovery-to-production offering ideally positioning us for future expansion. The combined company has a clear business vision, strong and profitable historical growth, and an aggressive acquisition strategy going forward.”
Both Gyros and Protein Technologies introduced new platforms in 2015. Gyros launched Gyrolab xPlore™, an automated, nanoliter-scale, single CD immunoassay system, while Protein Technologies introduced the Prelude® X which incorporates novel, efficient heating and UV monitoring technology for economical, rapid synthesis of even the most difficult peptides.
Scientists have developed a way to identify the beginning of every gene — known as a translation start site or a start codon — in bacterial cell DNA with a single experiment and, through this method, they have shown that an individual gene is capable of coding for more than one protein.