Eurofins not agnostic about diagnostics as evidenced by Emory investment
Eurofins announced it would pay $40m (Eur35m) for a 75% stake in Emory Genetics Laboratory (EGL) – a specialist provider of genetic testing service – in a deal with current owner Emory University's School of Medicine.
The Luxembourg-headquartered contractor explained that Atlanta-based EGL would add capabilities in molecular and cytogenetic testing for rare disorders to its expanding range of diagnostics capabilities. It predicted that EGL would generate revenue of $15m this year.
CEO Gilles Martin said the investment will strengthen Eurofins’ “growing footprint in the specialty clinical diagnostics market, and provides the Group a truly unique platform to leverage its renowned competence in genomic testing.”
News of the agreement comes a week after Eurofins said it will buy French testing services firm Biomnis from Bio Alfras SAS for €220m ($249m) and two weeks after it announced a €150m investment in lab group BioAccess.
It also follows less than a month after Eurofins said it will buy US-based testing services specialist Diatherix Laboratories.
Prior to these deals, Eurofins bought ViraCor-IBT Laboratories, a provider of biomarker analysis services, and six months after it acquired Boston Heart Diagnostics Corporation from Bain Capital Ventures for $140m.
Martin highlighted the acquisitions as a driver for the EGL investment, commenting that: “In combination with ViraCor, Boston Heart and Diatherix, EGL provides Eurofins a leading position in the most technologically-driven segment of the specialty clinical diagnostic testing market.”