Meridian Bioscience Signs Definitive Agreement to Acquire Exalenz Bioscience; Adds State-Of-The-Art Urea Breath Test Diagnostics Platform

CINCINNATI and MODIIN, Israel, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Meridian Bioscience, Inc. (NASDAQ: VIVO) and Exalenz Bioscience Ltd. (TASE: EXEN) announced today that the two companies have entered into a definitive agreement for Meridian to acquire Exalenz for ₪6.10 per share in cash with an implied transaction value of approximately $49 million.  The agreement has been approved unanimously by the boards of directors of both companies.

With this acquisition, Meridian will be adding Exalenz’s flagship BreathID Breath Test Systems, a urea breath test platform for the detection of Helicobacter pylori, often associated with peptic ulcers and gastric cancer. BreathID furthers Meridian’s strategy to be the leading provider of gastrointestinal diagnostic solutions. The platform offers patient-friendly, noninvasive sample collection, along with best in class sensitivity and specificity for both adult and pediatric patients.  The point-of-care system delivers immediate results with real-time patient monitoring in a physician office setting, while  the  lab system facilitates easy patient sample collection at the clinic or patient service center for analysis in the lab. The BreathID platform compliments Meridian’s stool antigen tests, and leverages Meridian’s existing channel presence to become the leading US company with comprehensive non-invasive diagnostic solutions for H. pylori.

Jack Kenny, Chief Executive Officer, commented, “Our focus has been to drive our strategy to re-position our Diagnostics business for sustainable, long-term growth. Exalenz’s BreathID platform is an excellent fit for our customers, allowing Meridian to offer gastrointestinal testing solutions from low volume point-of-care labs to high volume reference labs. No matter their preference for approach to H. pylori diagnosis, our customers will have a solution that meets their needs.  We are very excited to be adding yet another state-of-the-art technology to our portfolio and thrilled to welcome Exalenz to the Meridian family.”

“We are excited to contribute our technology to the Meridian portfolio of H. pylori products and leverage Meridian’s strong commercial presence to accelerate the penetration of the BreathID platform in the United States and beyond,” said Raffi Werner, CEO of Exalenz.  “We also look forward to collaborating with the Meridian R&D team in our on-going advancement of this leading platform.”