Anteo Diagnostics To Acquire Established Global Diagnostics Company DIAsource ImmunoAssays SA

- Anteo Diagnostics to acquire 100% of the equity in global specialty diagnostics company, DIAsource ImmunoAssays SA (Belgium), in line with previously announced acquisitive growth strategy

- DIAsource ImmunoAssays generated revenue of EUR11.9m (A$18.0m) in 2014, and EUR7.2m (A$10.9m) in first half of 2015 (25% growth) with quarterly EBITDA margins of 20%

- Purchase price of EUR15.4m (A$23.3m), with a two year earn out to vendors, subject to achievement of financial business targets

- Transformational acquisition to transition Anteo towards a cash flow positive business, with an established global distribution platform, manufacturing capabilities and a significantly broadened product range

- Deal completion subject to financing and regulatory approvals

- New merged business entity of 100 personnel

Aug 26, 2015, 09:00 ET from Anteo Diagnostics Limited

BRISBANE, Australia, Aug. 26, 2015 /PRNewswire/ -- The Board of Directors of Anteo Diagnostics (ASX: ADO) (Anteo) is pleased to announce that it will acquire DIAsource ImmunoAssays, SA (DIAsource), an established global specialty diagnostics company based in Belgium, pursuant to a Share Purchase Agreement executed yesterday (Agreement).

DIAsource is a vertically-integrated specialty diagnostics company that develops, manufactures, markets and distributes clinical diagnostics products in the fields of endocrinology, especially bone metabolism, fertility, cardiovascular and oncology.

DIAsource is a truly international company that services customers in 75 countries worldwide; and sells products both directly and through a global network of 90 main distributors and 40 OEM partners.

The Company generated revenue of EUR11.9m (A$18.0m) in 2014 and EUR7.2m (A$10.9m) in the first half of 2015. This represents revenue growth of 25% with an average EBITDA margin of 20.6% this year. DIAsource recently achieved its fifth consecutive revenue growth quarter and fifth consecutive best quarter ever in the company's history, thanks to growth in its Vitamin D portfolio and its established line of specialty RIA and ELISA assays, two different forms of immunoassays.

DIAsource has a highly flexible supply chain with a fully IVD certified production facility to manufacture its complete catalogue of antibodies, ELISA and RIA assays. The Company's headquarters, comprising 4,500 square meters located in Louvain-La-Neuve near Brussels, combines offices and laboratories with a fully integrated manufacturing and storage facility.

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SOURCE Anteo Diagnostics Limited