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| SD Biosensor's COVID-19 test kit / Captured from SD Biosensor's web page |
SD Biosensor, a local biotech company known for its COVID-19 test kits, said Friday that it agreed to acquire U.S.-based diagnostic company Meridian Bioscience for 2 trillion won ($1.53 billion).
This is the largest amount for an M&A deal in the domestic bio industry. SD Biosensor jointly took part in the acquisition with local private equity firm SJL Partners.
Their plan is to acquire a 100 percent stake in Meridian with 60 percent held by SD Biosensor and 40 percent with SJL Partners.
SD Bioscience expects the acquisition to help strengthen its presence in the North American market.
"The U.S market accounts for 40 percent of the global in vitro diagnostic device market and this deal will play an important role in accelerating SD Biosensor's entry into the North American market and becoming a global top-tier company," the company said in a statement.
Established in 1976, Meridian has two business divisions ― a diagnostics business that deals with immunodiagnostics, molecular diagnostics, respiratory diagnostics and blood diagnostics and a life science business that produces raw materials for drugs and diagnostic products.
SD Biosensor especially plans to add Meridian's digestive infection diagnosis platform to its total diagnostic platform, the company said.
The Korean company said it also expects the acquisition of Meridian to assist the process of receiving product approvals from the U.S. Food and Drug Administration (FDA).
"Another strength of Meridian Bioscience is its excellent licensing ability. With 56 years of licensing know-how, eight products have been registered with the FDA in the last five years. This is because there are many regulatory affairs professionals with extensive experience in FDA registration, and they are expected to play a major role in accelerating FDA approval for SD Biosensor's products," the company said.
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