JYLLINGE, Denmark and MOUNT LAUREL, New Jersey, September 26 /PRNewswire-FirstCall/ -- MediCult a/s (OSE: MEC), a leader in Assisted Reproductive Technologies (ART), today announced that it has entered into a share purchase agreement to acquire MidAtlantic Diagnostics, Inc., a US supplier of ART products, for DKK 78,6 million (USD 15,5 million).
MidAtlantic Diagnostics provides a complete range of disposables and equipment to embryologists and andrologists, MediCult's core customer base. MidAtlantic Diagnostics also has a strong pipeline of innovative, predominantly disposable, products that fit well with MediCult's and will help support the future growth of the combined company.
"For the last few years, an integral part of our corporate strategy has been to further strengthen our ART franchise through acquisitions. To date, the focus has predominantly been on ART media and micropipets following the acquisition of Humagen in 2007. However, the acquisition of MidAtlantic Diagnostics provides an additional dimension with its disposable products. The combined company will be able to leverage product synergies and its leadership position in the US market to its full potential, providing an opportunity to scale up further," noted Jesper Funding Andersen, CEO of MediCult. "MediCult as a whole will benefit from a great team of individuals who will be joining the company."
"We have been very impressed by the way that MediCult has strategically expanded on a global basis. We believe the combination of MidAtlantic Diagnostics and MediCult provides multiple advantages not only on a product level but also, and perhaps more importantly, with regards to our drive towards providing infertile couples with the best possible chance of conceiving," added Terry Fortino, President of MidAtlantic Diagnostics.
Terms of the Acquisition
MediCult has entered into a share purchase agreement with Terry
Fortino, President and majority shareholder of Mid
|SOURCE MediCult a/s|
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