Gimv sells Multiplicom to Agilent Technologies for €68m
Multiplicom, a leading diagnostics company with state-of-the-art genetic testing technology and products, signed an agreement with Agilent Technologies Inc. (NYSE: A) under which Agilent will fully acquire Multiplicom.
Multiplicom was founded in 2011 as a spin-off of the University of Antwerp and of the research institute VIB. It is specialized in the development, manufacturing and commercialization of molecular diagnostic solutions that enable clinical laboratories to identify the DNA variants associated with a genetic disease or predisposition, the results of which may be used to improve cancer therapy selection or identify congenital defects early in pregnancy.
In 2012, Multiplicom was the first diagnostic company in Europe to be awarded CE certification for its test to detect genetic defects that might indicate an increased risk of breast or ovarian cancer. Joining Agilent, a global leader in life sciences, diagnostics and applied chemical markets, opens the opportunity for Multiplicom to offer its products and technology to a global customer base.
Both in April 2011 and February 2013, Gimv and Biotech Fonds Vlaanderen (BFV) acted as lead-investors in both the series A and series B round of Multiplicom, which totaled EUR 7.7 million. Also after the transfer of the management of BFV earlier this year, Gimv kept managing the combined stake of 42% in Multiplicom (1/3 Gimv – 2/3 BFV).
Christophe Van Vaeck, Principal in Gimv’s Health & Care team, comments: “Multiplicom was VIB’s sixth startup and was basically co-created by Gimv. Both our continued financial support and deep involvement enabled the company to develop its innovative diagnostic tests, in getting CE-marking for its test kits, and in building a sales network in the EU. I would like to thank the management team, which played a crucial role in the development and growth of the company. We are very proud that we could partner in this successful trajectory from spin-out to a leading European diagnostics company, now to be continued on a worldwide scale.”
The transaction is expected to close in the first quarter of the 2017 calendar year. Over the entire holding period, this investment generated a return well above Gimv’s long-term average return, though with only a limited additional positive impact on the equity value at 30 September 2016.
Multiplicom N.V. develops, manufactures and commercializes molecular diagnostic solutions, provided as kits, which enable personalized medicine. Founded in 2011 as a spin-off from the University of Antwerp (Belgium) and VIB (Flanders Institute of Biotechnology), Multiplicom achieved CE-IVD certification for the BRCA MASTR Dx assay for breast and ovarian cancer predisposition in 2012. It was the first company in Europe to achieve a BRCA CE-IVD certification and it continues to develop and market quality controlled NGS-based assays. Therefore, it enables clinical laboratories to identify the DNA variants that are associated with a genetic disease or predisposition in patients, or that may steer cancer therapy or to identify congenital defects early in pregnancy.
Source: Gimv Press Release