SD Biosensor, SJL Partners to acquire Meridian Bioscience for $1.5bn
SD Biosensor (SDB), an in-vitro diagnostics company, and SJL Partners, a Korean private equity investment manager, in consortium, have signed an all-deal worth around $1.53 billion to acquire Meridian Bioscience.
Based in the US and listed on the NASDAQ, Meridian Bioscience provides diagnostic testing solutions and life science raw materials.
The integrated life science company is engaged in developing, manufacturing, marketing, and distributing a variety of diagnostic products in areas such as gastrointestinal and upper respiratory infections and blood lead level testing and life science products used in molecular and immunological tests for human, plant, animal, and environmental applications.
Dr. Young Shik Cho — Chairman of SD Biosensor said: “We are pleased to be a family with Meridian Bioscience as a great partner for accelerating our entry into the U.S. IVD market.
“I believe that SD Biosensor’s R&D capabilities and mass production know-how, Meridian Bioscience’s U.S. distribution network and expertise in the regulated U.S. market, and SJL Partners’ strong management expertise will enable compelling synergies.”
As per the terms of the deal, Meridian Bioscience’s shareholders will get $34 per share.
John C. McIlwraith — Meridian Bioscience Chairman said: “This announcement follows an extensive and deliberate review of Meridian’s growth and value creation opportunities in the context of the broader macroeconomic and industry environment.
“In consultation with external financial advisors and following outreach to potential strategic and financial partners, the Board unanimously agreed that this transaction represents the best path forward for Meridian shareholders, providing them with immediate, compelling and certain value, while enabling the Company to benefit from SDB’s and SJL’s capital support, expertise and experience.”
After the closing of the deal, SD Biosensor is likely to own nearly 60% in Meridian Bioscience, while SJL Partners will own around 40%.
The consortium plans to operate Meridian Bioscience as a standalone entity after the completion of the deal and retain both its leadership team and headquarters.
The deal, which is subject to approval from Meridian Bioscience’s shareholders, regulatory approvals, and other conditions, is likely to be wrapped up in Q4 2022.