Swedish company Vitrolife has signed a definitive agreement to acquire all the shares in Igenomix from private equity group EQT and other stakeholders for an enterprise value of approximately $1.48bn (€1.25bn).
Vitrolife will finance the acquisition through shares issued to the EQT and the partnering minority shareholders, as well as cash.
Igenomix’s major shareholders will retain a minority stake of 7% in Vitrolife as part of the deal.
Established in 2011, Igenomix is a spin-off of IVI Group. It focuses on developing a molecular genetic testing diagnostic for reproductive medicine, including in vitro fertilisation (IVF) and rare diseases.
In 2019, EQT Private Equity bought a majority stake in Igenomix, along with Charme Capital Partners, Igenomix’s founder and management.
Vitrolife noted that the acquisition of Igenomix’s portfolio of reproductive genetic testing services along with its IVF device portfolio offers an IVF platform to potentially deliver profitable growth in the future.
Igenomix CEO David Jimenez said: “Igenomix has been on a fantastic journey with EQT and Charme Capital Partners as owners.
“We are excited to embark on a new journey together with Vitrolife, which will help us to further improve the delivery of our mission to provide personalised genetic information to patients globally and further improve clinical practices in infertility, women’s health and rare diseases.”
Subject to necessary conditions, the acquisition is anticipated to conclude in the second half of this year.
In another development, Hyperfine and Liminal Sciences have entered a definitive business combination agreement with a special purpose acquisition company (SPAC), HealthCor Catalio Acquisition.
Hyperfine has developed a portable MR imaging system while Liminal Sciences focus on a non-invasive device to measure vital signs in the brain.
On concluding the deal, HealthCor will be renamed Hyperfine and the merged company will have synergistic advantages in imaging and monitoring fields.
The merger values the combined company at a total of about $580m after closing, and the merged entity will have nearly $375m in cash.
The merger is supported by a $126m PIPE with participation from various institutional investors.