NEW YORK – CellaVision announced today it has reached a deal to acquire sample preparation firm RAL Diagnostics for SEK 268 million ($27.7 million).
The acquisition is being funded through a combination of cash and cash equivalents, and a SEK120 million loan arranged by Skandinaviska Enskilda Banken.
Based in Martillac, France, RAL Diagnostics manufactures sample prep products for use in hematology, pathology, cytology and microbiology. CellaVision develops systems for the routine analysis of blood and other body fluids. The acquisition will allow Lund, Sweden-based CellaVision to improve the sample preparation process, "which is of great importance" for blood analysis, the firm said in a statement, adding there is a great need in labs of all sizes for standardized solutions.
"CellaVision and RAL together create an increased customer value in digital morphology by offering a complete and integrated solution for the hematology laboratory," CellaVision said. The companies' combined portfolios are expected to increase CellaVision's addressable market to SEK6 billion. While RAL has a strong presence in Europe, the Middle East, and Africa, its presence in the Americas and Asia-Pacific, where CellaVision has an established position, and is limited, CellaVision said.
The total sales of the two companies in 2018 was about SEK452 million. As a result of the acquisition, CellaVision's sales in EMEA will grow by more than 90 percent, and globally by 25 percent, it said.
The deal is expected to close in the fall.