IDS, a leading producer of diagnostic testing kits, announces the completion of the acquisition of 99.93% of the ordinary share capital of Biocode Hycel S.A. (Biocode).
As previously announced, the initial consideration for Biocode was €23,000,000, with €11,000,000 to be satisfied in cash, and the balance satisfied through the issue of 2,839,719 new Ordinary Shares in IDS, at a price of 216p.
A placing of 5,000,000 New Ordinary Shares at a placing price of 240p per share raised £12,000,000 before expenses to satisfy the cash portion of the initial consideration and for additional working capital.
The Ordinary Shares have been admitted to trading on AIM and Admission became effective on 31 August 2007. Following the Admission the Companys issued share capital consists of 23,967,686 ordinary shares with a nominal value of 2 pence each.
The Biocode Group is a Belgian-French group that develops, manufactures and distributes IVD instruments and reagents for immunoassay, haematology and biochemistry. Biocode Hycel S.A. has four sites, namely Liège (Belgium) and Massy, Rennes and Pouilly (France), and currently employs 132 people.
Biocode Hycel S.A. is in the final stages of developing a new generation of automation instruments, called the 3X3 Instrument. As announced on 4 December 2006, IDS already has a contractual working relationship with Biocode Hycel S.A. in that IDS is part of the Alliance that has been developing tests for this new platform.
For the year ending 31 December 2006, Biocodes EBIT was €-2.8m (c. £-1.9m), on a turnover of €12.1m (c. £8.1m). The acquired net assets as at 31 December 2006 (adjusted for the elimination of net cash/net debt and the alignment of accounting policies) were €3.2m (c. £2.1m).
Immunodiagnostic Systems Holdings plc
Parkgreen Communications Ltd
Dr. Roger Duggan, Managing Director
Tel: 0191 519 0660
Tel: 020 7851 7480