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VIVO

Meridian Bioscience

$7.79 /

-0.12 (-1.52%)

09:18
02/19/20
02/19
09:18
02/19/20
09:18

Meridian Bioscience to acquire Exalenz Bioscience for ILS6.10 per share in cash

Meridian Bioscience and Exalenz Bioscience announced that the two companies have entered into a definitive agreement for Meridian to acquire Exalenz for ILS6.10 per share in cash with an implied transaction value of approximately $49M. The agreement has been approved unanimously by the boards of directors of both companies. With this acquisition, Meridian will be adding Exalenz's flagship BreathID Breath Test Systems, a urea breath test platform for the detection of Helicobacter pylori, often associated with peptic ulcers and gastric cancer. BreathID furthers Meridian's strategy to be the leading provider of gastrointestinal diagnostic solutions. The platform offers patient-friendly, noninvasive sample collection, along with best in class sensitivity and specificity for both adult and pediatric patients. The point-of-care system delivers immediate results with real-time patient monitoring in a physician office setting, while the lab system facilitates easy patient sample collection at the clinic or patient service center for analysis in the lab. The BreathID platform compliments Meridian's stool antigen tests, and leverages Meridian's existing channel presence to become the leading US company with comprehensive non-invasive diagnostic solutions for H. pylori. Exalenz shareholders will receive ILS6.10 per share in cash under the terms of the merger. This purchase price implies a total equity value of ILS169M or approximately $49M at prevailing exchange rates. The transaction will be financed with cash on hand and debt available under Meridian's credit facility, which is being expanded to $160M. The acquisition is subject to Exalenz shareholder approval and other customary closing conditions. Exalenz's majority shareholder has entered into a voting agreement pursuant to which he has agreed to vote his shares of Exalenz in favor of the merger. A majority of the remaining shareholders of Exalenz must vote in favor of the merger. The transaction is expected to close in Q2 of calendar year 2020. In 2019, Exalenz generated approximately $14M in revenue, representing a 5-year CAGR of ~32%, with a gross profit margin of ~50%. Meridian will discuss the fiscal year 2020 financial impact of the transaction during its fiscal Q2 earnings call in May.

VIVO Meridian Bioscience
$7.79 /

-0.12 (-1.52%)

05/01/19 Piper Sandler
Meridian Bioscience upgraded to Neutral from Underweight at Piper Jaffray
04/03/19 Baird
Meridian Bioscience price target cut to $14 from $17 at Baird
04/03/19 Canaccord
Meridian Bioscience downgraded to Sell from Hold at Canaccord
04/03/19 Canaccord
Meridian Bioscience downgraded to Sell from Hold at Canaccord

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