Tuesday, March 03, 2020 1:14:04 PM
02/19/2020
Meridian Bioscience ( VIVO ) said Wednesday that it has agreed to acquire Exalenz Bioscience for 6.10 Israeli new shekels ($1.78) per share in cash, representing a total equity value of about 169 million shekels ($49.4 million).
Through the acquisition, Exalenz's flagship urea breath test platform, BreathID Breath Test Systems, for the detection of Helicobacter pylori, will be transferred to Meridian.
The agreement has received unanimous approval from the boards of both companies.
Meridian will fund the transaction with cash on hand and debt available under its credit facility, which is being expanded to $160 million.
The transaction, subject to Exalenz shareholder approval and other customary closing conditions, is expected to be completed in Q2.
In 2019 Exalenz reported about $14 million in revenue, representing a five-year compound annual growth rate of about 32%, and gross profit margin of around 50%. Meridian said it would discuss the fiscal year 2020 financial impact of the deal during its Q2 earnings call.
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