New corporate transaction in the Spanish assisted reproduction industry. EQT has formalized an agreement for the sale of Igenomix to Vitrolife. The company is valued at $1.48 billion (€1.25 billion) and the acquisition will be financed through a combination of cash and new shares to EQT and minority shareholders of Igenomix. As part of the deal, Igenomix shareholders will have a minority stake in Vitrolife representing 7%, the group announced in a statement.
Founded in 2011 as a spin-off from IVI Group, Igenomix is a global benchmark in women’s health and reproductive genetics services for in vitro fertilization (IVF) and rare disease clinics. It assists approximately 90,000 patients per year through a diversified portfolio of diagnostic services. Igenomix has approximately 560 employees and is headquartered in Valencia, with additional laboratories in 21 countries.
In the fiscal year 2019, EQT acquired a majority equity stake in Igenomix, which also includes Charme Capital Partners, the founder of Igenomix, and the management team.
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EQT acquired Igenomix in 2019 and is now selling the company, expecting to close the transaction in the second half of the year
During the period of EQT’s investment, Igenomix has strengthened its organization, mainly by enhancing digital sales and marketing capabilities. In addition, the company has made substantial investments in its product portfolio and in research and development (R&D).
As a result, it has launched a non-invasive preimplantation genetic test, a test for the detection of Covid-19, and a new business line: precision genetic diagnostics for the detection of rare diseases. Igenomix has also continued to consolidate its international presence and has entered countries such as China, Chile, Peru, Russia, Saudi Arabia, and Taiwan, among others. The company currently serves more than 3,000 clinics in 80 countries.
The transaction is subject to customary conditions, such as obtaining the respective regulatory approvals and is expected to close in the second half of 2021. Vesa Koskinen, Partner at EQT, is expected to join Vitrolife’s board of directors.
J.P. Morgan and Morgan Stanley have acted as co-financial advisors to Igenomix, A&O and White&Case have provided legal advice and Freshfields has acted in the capacity of tax structuring advisor.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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