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Bio-Rad Laboratories (NYSE: BIO) has announced the acquisition of Curiosity Diagnostics for up to $170 million, comprising $100 million in cash and $70 million in future milestones. Curiosity, based in Poland, is developing a rapid diagnostics PCR system for the molecular diagnostics market. This acquisition aims to enhance Bio-Rad's Clinical Diagnostics Group, expanding into near-patient molecular diagnostics. With Bio-Rad's extensive market presence and Curiosity's innovative technology, the deal is anticipated to improve product offerings and market reach.
Positive
Acquisition of Curiosity Diagnostics enhances Bio-Rad's portfolio in molecular diagnostics.
Curiosity's PCR|ONE technology expected to streamline workflows and improve turnaround times.
Potential to expand market reach into near-patient diagnostics labs.
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None.
HERCULES, Calif.--(BUSINESS WIRE)--
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader in life science research and clinical diagnostic products, announced today that it has reached an agreement to acquire all of the outstanding shares of Curiosity Diagnostics, Sp. Z. o. o. from Scope Fluidics, S.A. (WSE NewConnect: SCP), a Warsaw, Poland, based developer of innovative technology solutions for the medical diagnostic and healthcare markets, for a total consideration of up to $170 million, consisting of approximately $100 million in cash, and up to $70 million in future milestone payments.
Curiosity Diagnostics, a late-stage, pre-commercial platform company, is in the process of developing a sample-to-answer, rapid diagnostics PCR system for the molecular diagnostics market.
“We are excited to have the Curiosity Diagnostics team join Bio-Rad’s Clinical Diagnostics Group and to work closely together to bring a new generation of rapid PCR systems to market,” said Dara Wright, Bio-Rad’s EVP and President, Clinical Diagnostics Group. “Curiosity’s PCR platform, PCR|ONE, offers a streamlined workflow and rapid turnaround times, and is expected to extend our reach beyond high-complexity labs into near-patient molecular diagnostics labs.”
Scope Fluidics President and co-founder, Professor Piotr Garstecki, added, “Our passion at Scope Fluidics is developing innovative technologies addressing the greatest challenges in global health. The dedicated, entrepreneurial team of highly skilled, specialized personnel of Curiosity Diagnostics is looking forward to further developing the PCR|ONE technology under Bio-Rad’s leadership while we at Scope Fluidics continue to pursue new and current projects in disruptive medical diagnostics.”
About Bio-Rad
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostic markets. With 70 years of focus on quality and customer service, our products advance the scientific discovery process and improve healthcare. Our customers are universities, research institutions, hospitals, biotechnology and pharmaceutical companies, as well as public health and commercial laboratories including food safety and environmental quality testing facilities. Based in Hercules, California, Bio-Rad has a global network of operations with approximately 7,900 employees worldwide and $2.9 billion in revenues in 2021. For more information, please visit bio-rad.com.
About Scope Fluidics
Scope Fluidics, S.A. (WSE NewConnect: SCP) is a Warsaw, Poland, based developer of innovative technological solutions for the medical diagnostics and healthcare markets through wholly owned limited liability companies. Scope Fluidics is developing the PCR|ONE technology for rapid, automated detection of infections via highly multiplexed PCR assays, and the BacterOMIC system for high-content automated antibiotic susceptibility testing. Both systems were awarded recognition in the 2019 American Association for Clinical Chemistry Disruptive Technology Competition. For more information, please visit scopefluidics.com.
BIO-RAD is a trademark of Bio-Rad Laboratories, Inc. in certain jurisdictions.
Bio-Rad Forward-Looking Statements
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding plans to introduce new products and the opportunities that may result from such new products. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "plan", "believe," "expect," "anticipate," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include the duration and severity of the COVID-19 pandemic; global economic conditions; our ability to integrate acquired companies, products or technologies into our company successfully; our ability to develop and market new or improved products; supply chain risks;our ability to compete effectively; international legal and regulatory risks; and product quality and liability issues. For further information regarding our risks and uncertainties, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Bio-Rad’s public reports filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Bio-Rad cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
What is the total value of Bio-Rad's acquisition of Curiosity Diagnostics?
The acquisition is valued at up to $170 million, including $100 million in cash and $70 million in future milestone payments.
What technology is Curiosity Diagnostics developing?
Curiosity Diagnostics is developing a rapid diagnostics PCR system called PCR|ONE for the molecular diagnostics market.
How will the Curiosity Diagnostics acquisition impact Bio-Rad's business?
The acquisition is expected to integrate Curiosity's technology into Bio-Rad's Clinical Diagnostics Group, improving product offerings and expanding market reach.
When was the acquisition of Curiosity Diagnostics announced?
The acquisition was announced on August 3, 2022.
What is the stock symbol for Bio-Rad Laboratories?
Bio-Rad Laboratories trades under the stock symbol BIO and BIOb.
