BICO has entered into an agreement to acquire QInstruments, a market leader in advanced sample preparation automation for biomedical and life science research and clinical diagnostics

STOCKHOLM, Oct. 1, 2021 /PRNewswire/ -- BICO Group AB (publ) ("BICO") has entered into an agreement with the shareholders of QInstruments GmbH ("QInstruments") to acquire all outstanding shares, on a cash- and debt-free basis, and under the assumption that the working capital at closing equals the normalized working capital, to a purchase price of 61.25 million euro (the "Acquisition"), of which 3 million euro will be paid upon achievement of predetermined revenue and EBITDA milestones. Approximately 13 percent of the purchase price will be paid in newly issued shares of series B in BICO (the "Consideration Shares"), and the remaining part will be paid in cash. BICO's Board of Directors will resolve to issue the Consideration Shares in accordance with the authorization from the Annual General Meeting held on April 26, 2021.

Founded in 2003, by Olaf Simmat and Christian Stange, QInstruments is a leading developer, manufacturer, and supplier of advanced sample preparation automation by mixing solutions for liquid handling robots and workflows for biomedical and life science research and clinical diagnostics. QInstruments is expected to grow 40 per cent in 2021 and generate approximately 10.8 million euro of net sales with 45 percent EBIT margin. The company has 28 employees and is headquartered in Jena, Germany and has a supplier network around the world.

"Technology is paving the way and driving scientific research forward. By combining biology, technology, and engineering in new ways we can fundamentally shift the future of health. With a growing presence in the genomics field, this addition to the portfolio provides customers with a growing range of products to service every step in the Bio Convergence workflow. In this context, QInstruments leads the industry by developing beautiful, customer centric, sample preparation tools and technologies that is impacting major research areas and making a difference in the results the customers can achieve. Getting the right result in time is the name of the game in life sciences as it impacts the health of the patient in the end. Together, we continue on our journey to democratize critical workflows in advancing healthcare." Erik Gatenholm, CEO, and co-founder, BICO.