Acquisitions Giant acquisition in Finland: Technology company Mobidiag sold to the United States for more than EUR 660 million

Mobidiag is developing tests to find bacteria that are resistant to antibiotics, for example.

American medical technology company Hologic acquires the Finnish company Mobidiag for a purchase price of approximately EUR 668 million.

The health technology company Mobidiag develops and manufactures various test kits that can be used to find the most common intestinal and antibiotic-resistant bacteria, among others.

Several test packages are already on the market. Last year, the company also grew strongly due to corona testing. Mobidiag develops PCR assays that have become widely known during the Korona period.

The listed company Hologic, on the other hand, specializes especially in women’s health and well-being. The purchase price covers a cash payment of approximately EUR 600 million and net debt of EUR 68 million.

Mobidiagin managing director Tuomas Tenkanen has been in office since 2013, when Mobidiag merged with the French company Genewave and the Finnish company Amplidiag.

In the company’s press release, Tenkanen states that he is excited about Mobidiag joining Hologic’s diagnostics business. He believes that with Hologic, the company‚Äôs products have a better chance of succeeding in the U.S. market.

Mobidiag has carried out its development work in Keilaniemi, Espoo, where the company has utilized Nokia’s automation expertise. The company also has offices in France, the United Kingdom and Sweden.

“With Hologic’s commercial expertise, scope and investment strength, the expansion of our products into other markets is accelerating,” says Tenkanen.

Read more: Something completely new emerges from Nokia’s ashes: Mobile phone giant technology is now trying to defeat the worst health threat of our time

One One of Mobidiag’s shareholders is Springvest, which has organized Mobidiag’s financing round three times. Approximately EUR 9.5 million has been raised through funding rounds. According to Springvest, the purchase price now agreed is exceptionally high for an unlisted Finnish growth company.

Mobidiag’s net sales have been growing since 2017, but since then the company’s result has been at a loss. According to customer information, in 2019 Mobidiag Oy made losses of more than EUR 13 million with a turnover of EUR 4.6 million. The company says that it generated a total turnover of approximately EUR 42 million in all markets last year.

The acquisition is expected to be completed early in the last quarter of this year as part of regulatory proceedings.

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