TORINO, Italy - Bruker (NASDAQ:BRKR) Corporation (NASDAQ:BRKR) has reached a definitive share purchase agreement to acquire ELITechGroup, a provider of molecular diagnostics and specialty in-vitro diagnostics products, for €870 million in cash ($1 = €0.92).
This acquisition excludes ELITech's clinical chemistry business and is set to be completed in the second quarter of 2024, subject to regulatory approvals and other customary closing conditions.
ELITechGroup, known for its innovative molecular diagnostic (MDx) systems InGenius® and BeGenius®, has over 500 employees and holds more than 40 active patents. The company's molecular diagnostic business, which represents the majority of the revenue, focuses on a wide array of PCR diagnostic assays for various infections. Their products are primarily used in mid-sized hospitals and clinical laboratories across Europe and Latin America.
Dr. Wolfgang Pusch, President of Bruker’s Microbiology and Infection Diagnostics division, highlighted that the acquisition will provide Bruker with access to modern sample-to-answer systems and a broad infectious disease assay portfolio. He emphasized that ELITech's offerings complement Bruker's existing products, positioning the company as an emerging specialist in infectious disease diagnostics in the in-vitro diagnostics market.
Dr. Christoph Gauer, CEO of ELITechGroup, expressed enthusiasm for the integration with Bruker, noting the potential for growth and expansion through combined R&D innovations and global customer support.
In 2023, ELITechGroup's revenue was approximately €150 million, with non-COVID-related revenues growing at a double-digit CAGR since pre-COVID times. The company's financial performance also included about €5 million from COVID-related MDx revenues.
Upon completion of the transaction, ELITech is expected to operate as a stand-alone entity within Bruker’s Microbiology and Infection Diagnostics division. Bruker plans to fund the acquisition with cash on hand and established debt financing.
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