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Biosynth to Acquire Trinity Biotech's Life Sciences Supply Business for $30M

NEW YORK — Trinity Biotech said on Thursday that it has agreed to sell its life sciences supply business, Fitzgerald Industries, to Biosynth for $30 million in cash.

The transaction is expected to close this month. Other terms of the deal were not disclosed.

Dublin-based Trinity said that it is selling the business to focus on its core operations in diabetes care, decentralized patient monitoring, and diagnostic solutions. The sale of Fitzgerald, which generated about $12 million in revenues in 2022, is expected to reduce Trinity's net debt by around 40 percent.

Specifically, Trinity said it will use about $11 million of the proceeds to repay roughly $10.1 million of senior secured debt held by Perceptive Advisors, plus an approximately $900,000 early repayment penalty. Trinity added that its senior secured term loan credit facility with Perceptive has been amended to reduce its minimum revenue covenants under the loan.

"The cash proceeds significantly reduce Trinity Biotech's net debt and this is a key milestone in repositioning the company's balance sheet profile to shift towards growth opportunities," Trinity CFO John Gillard said in a statement. "This transaction should allow Trinity Biotech to reduce its debt servicing costs and provide capital for growth, transformation, and potentially further debt reduction."

About a year ago, Staad, Switzerland-based Biosynth acquired Aalto Bio Reagents, a provider of reagents to the in vitro diagnostic and vaccine development industry.

In a statement, Biosynth President and CEO Urs Spitz said that the combination of Fitzgerald and Aalto extends its product portfolio to 57,000 antigens and antibodies. The deal with Trinity "continues the expansion of our offering across complex chemicals, peptides, and key biologics to help secure fragmented pharma and diagnostics supply chains," he added.