NEW YORK – Eurobio Scientific on Wednesday said it has acquired all shares of Tecomedical in an all-cash deal.
Further terms were not disclosed.
Paris-based Eurobio specializes in in vitro diagnostics, while Sissach, Switzerland-based Tecomedical is the parent firm of a Swiss group that develops and distributes IVD tests in Europe. Founded in 1984, Tecomedical has operations in Switzerland, Germany, Austria, and the Benelux region and had revenues of €7.2 million ($8.2 million) last year.
In a statement, Eurobio said the acquisition fits with its development strategy and Tecomedical's commercial relationships bring it into closer proximity to the largest European markets for diagnostic and research products.
"This acquisition brings us a wide range of products that is highly complementary to our own, as well as an opening on the German-speaking markets in Europe," Jean-Michel Carle, president and CEO of Eurobio Scientific, said in a statement. "The longstanding relationship between our two groups will enable us to rapidly activate the commercial and technological synergies resulting from this operation."