Bio convergence business the Bico Group has completed the acquisition of 3D research application specialist Advanced BioMatrix Corp, in a deal that will support the development of new 3D printing and bioprinting technologies.
Bico acquired all of the outstanding shares in Advanced BioMatrix on a cash and debt-free basis for a purchase price of approximately $15m (£11m/€13m), plus an additional earn out fee of $3m based on achieving certain milestones over a three-year period.
US-based Advanced BioMatrix focuses on 3D research applications, counting collagen bioinks, high purity extracellular matrix proteins, chemically modified proteins and polysaccharides, and other reagents and cell assays among the offerings in its portfolio.
Advanced BioMatrix also has a particularly strong position in reagents and in producing high-quality collagen and collagen inks intended for 3D bioprinting, which Bico said it will now capitalise on in order to deliver new solutions to research institutions, as well as both pharmaceutical and biotech companies.
The wider Advanced BioMatrix portfolio of products for 3D applications include innovation such as cell cultivation, cell assays and bioprinting. Its international customer base consists mainly of pharmaceutical companies and research institutions, with its products used for projects such as advanced research in the development of new drugs or 3D bioprinted tissue models.
“Together with Advanced BioMatrix, we create the market's leading offering in bioinks and reagents,” Bico chief executive Erik Gatenholm said. “This means that we further strengthen our position in the area, and we can continue to develop innovative consumables that our customers benefit from throughout their customer journey.
“Combining technical expertise between the Bico Group and Advanced BioMatrix also enables faster development of innovative biomaterials for various bioprinting applications. Together, we will develop and offer innovative products that over time will lead to us being able to together solve the major health challenges we face.”
Advanced BioMatrix president David Bagley also spoke positively about the deal, saying the acquisition will support the next phase of the company’s growth strategy.
“Advanced BioMatrix is ready for the next step in our growth and together with the Bico Group, we are ready to deliver the market’s leading product portfolio of bioinks and reagents to our customers,” Bagley said.
“We look forward to getting to know new colleagues, collaborators, and customers. We are excited to explore the potential that exists regarding synergies and sales opportunities within the group.”
As per terms of the agreement, Advanced BioMatrix will remain under current legal entity and management as a subsidiary of CELLINK Bioprinting and become part of the bioprinting business area.
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by Rob Fletcher