U.S. medical technology company Hologic is acquiring Finnish-French molecular diagnostics company Mobidiag for around € 668 million, the companies said on Friday.
The purchase price is exceptionally high for an unlisted Finnish growth company.
Mobidiag employs around 230 people, most of whom are in Finland. The company’s flagship product is the Novodig diagnostic platform for the detection of infectious diseases and antibiotic resistance.
The company develops and markets PCR (polymerase chain reaction) -based tests for acute care conditions, including gastrointestinal and respiratory infections, among other types of infections.
The advantage of the device developed by Mobidiag is that it can test several pathogens simultaneously. More than 130 million euros have already been invested in the development of the product.
Founded in 2000, Mobidiag has product development and component manufacturing in France, and subsidiaries in the UK and Sweden. In 2013, Mobidiag merged with the French company Genewave and the Finnish company Amplidiag.
The company’s turnover last year was 35 million euros. Coronavirus tests that began last year have significantly boosted Mobidiag’s growth.
The CEO of the company Tuomas Tenkanen said he sees the acquisition as opening up new channels for larger markets, including the United States.
“With this agreement, we will be able to really invest in growth in Finland and France,” Tenkanen said.
The acquisition is expected to close early in the fourth quarter of fiscal 2021, subject to obtaining certain required regulatory approvals and other closing conditions, including the approval of foreign direct investments in Finland and France. .