Bruker to acquire ELITechGroup for EUR 870M in cash

Bruker announced that it has entered into a definitive share purchase agreement with TecFin, a controlled affiliate of PAI Partners, a pre-eminent private equity firm, to acquire ELITechGroup, for EUR 870M in cash, excluding the carved out ELITech clinical chemistry business. This put option has now been exercised, and the parties have entered into a binding share purchase agreement. Bruker expects to close the transaction in the second quarter of 2024, subject to regulatory approvals, the carve-out of the clinical chemistry business, and other customary closing conditions. ELITechGroup, with over 500 employees and over 40 active patents, develops and commercializes innovative, proprietary molecular diagnostic, or MDx, systems and assays, as well as niche biomedical systems and microbiology products. Its molecular diagnostic business accounts for the majority of the to-be-acquired revenues and provides the unique sample-to-answer instruments InGenius and BeGenius in the mid-to-high throughput MDx category. Both offer a broad and differentiated menu of esoteric and mainstream PCR diagnostic assays for infections that are transplant-incurred, sexually transmitted, respiratory, gastrointestinal, blood-borne, hospital-acquired and more. There is currently a global installed base of more than 1,000 InGenius and BeGenius systems in clinical routine usage, with a focus on Europe and Latin America, primarily in mid-sized hospitals and clinical laboratories, or as esoteric testing platforms in large hospitals and labs, where they are complementary to high-volume MDx systems by other Tier 1 IVD companies. ELITechGroup’s biomedical systems and microbiology businesses include automated slide stainers, cystic fibrosis sweat testing instruments, osmometer instruments and selected microbiology consumables and assays.