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Salt Lake City - bioMérieux, a French company that provides in vitro diagnostics, has finalized its acquisition of 100 percent ownership in BioFire Diagnostics Inc., a Utah-based company specializing in molecular biology. The agreement to purchase BioFire was first announced on September 4.
BioFire’s site in Salt Lake City will become bioMérieux’s hub for its expansion in molecular biology, and R&D teams from the two companies will contribute to the development of new panels.
“The acquisition of BioFire creates strong growth opportunities,” said Jean-Luc Belingard, chairman and CEO of bioMérieux. “We welcome our new employees and look forward to providing our worldwide customer base with our complete range of diagnostic solutions dedicated to infectious diseases.”
The transaction includes a $450 million acquisition price and the company’s net financial debt (around $35 million), representing a total of €357 million. Acquisition costs will amount to €6 million to be recorded under non-recurring items (about €2 million in 2013 and €4 million in 2014). This acquisition will be essentially funded through bioMérieux’s inaugural €300-million issue of seven-year bonds.