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Eurofins To Buy Specialty Diagnostics Services Provider Biomnis For EUR 220 Mln

Eurofins Scientific SE (ERFSF.PK), a food and pharmaceutical products testing company, Monday announced that it has signed an exclusive agreement with Financière Bio Alfras SAS to acquire the Biomnis Group for approximately 220 million euros.

The contemplated transaction is expected to be completed over the summer, subject to customary closing conditions including regulatory approvals and employees' representatives' information and consultation.

Biomnis is a specialty/esoteric diagnostic testing service provider in France and Ireland. With over 100 years of laboratory testing excellence, Biomnis developed its expertise in high-complexity testing over the last 15 years. The company employs about 1,200 staff, provides its services in more than 40 countries and has generated over 220 million euuros revenues in 2014,mainly from specialty diagnostics services.

Following the recent Biomnis restructuring, Eurofins expects that the company's EBITDA margin should progressively expand from the current low double-digit level towards industry standards and Eurofins' objective over the next few years.

Eurofins expects the addition of Biomnis would strengthen its pharmaceutical and genomic service offering, and consolidate its growing presence in the specialty diagnostic testing sector, following the acquisition of ViraCor, Boston Heart and Diatherix in the US.

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