NEW YORK (360Dx) – BioMérieux announced today it has acquired a 54 percent stake in Chinese immunoassay firm Suzhou Hybiome Biomedical Engineering.
Hybiome is located in Suzhou and specializes in automated immunoassays. BioMérieux acquired a minority stake in the company in July.
BioMérieux said "the acquisition of 54 percent of the shares of Hybiome relies on a €165 million [$187 million] valuation" and it is incurring an additional €25 million in expenses for assets such as distribution rights and the existing installed base.
"BioMérieux has forged solid ties with China for over 25 years and we are delighted to enter into this agreement with Hybiome, a company with a remarkable expertise in the field of immunoassays," Alexandre Mérieux, Chairman and CEO of bioMérieux, said in a statement.
The move is in line with BioMérieux's international development strategy of locating research and production as close as possible to patient and healthcare needs, Mérieux said.
Hybiome markets two mid-throughput immunoassay systems, which are automated and feature menus with about 80 assays. The company has an installed base is approximately 1,000 instruments, primarily in mid-size hospitals.
Hybiome Founder and Chairman Jianhua Dong said the convergence of the firms gives Hybiome the opportunity to further accelerate growth in a market "which is especially buoyant for immunoassays," as well as to strengthen Hybiome's leading position as a local Chinese business.
Hybiome expects to exceed €20 million euros in sales in 2018. The company has manufacturing facilities and research laboratories and employs around 300 people, including a team of approximately 80 employees in R&D.
BioMérieux will continue to increase its holding, it said.