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Männedorf, Switzerland, June 15, 2010 – The Tecan Group (SIX Swiss Exchange: TECN) and NEXUS Biosystems, Inc., based in Poway (California, USA), have signed an agreement concerning the sale of REMP AG, a wholly-owned subsidiary of Tecan, as well as other related assets. Under this agreement, NEXUS will acquire all activities of Tecan’s Sample Management business segment. In parallel with this move, Tecan and NEXUS plan to collaborate on various additional product groups. With this transaction Tecan increases the focus on its Life Sciences core business, which it will expand further in line with its growth strategy. This move will also provide REMP AG with an optimal environment for the future development of its business.
REMP AG, located in Oberdiessbach (Switzerland), employed a total of 120 employees worldwide at the end of 2009. Segment sales from the activities performed by Tecan’s Sample Management business segment reached CHF 35.7 million in 2009, with a small positive operating profit of CHF 0.1 million. The selling price for REMP AG and the related activities amounts to a total of CHF 12 million. Up until the end of 2012, Tecan will also receive additional payments from NEXUS Biosystems based on sales generated together with REMP AG of between a minimum of USD 4.4 million and a maximum of USD 7.7 million. The transaction should be closed within the next two months. With the closing of the transaction, the Head of Business Unit Sample Management, Domingo Messerli, will resign from the Executive Board of the Tecan Group in this function.
Thomas Bachmann, CEO of Tecan, commented: “As we announced in the spring, Tecan considered various strategic alternatives for the Sample Management business segment. We are certain that the sale of REMP to NEXUS Biosystems is the ideal solution. Our customers will benefit from the strong global market and service presence and the unparalleled innovation strength of the combined NEXUS-REMP entity in this industry segment. At Tecan, we will increasingly focus resources on growth projects in our Life Sciences core markets and actively expand our end-customer business and our OEM activities.”
John Lillig‚ CEO of NEXUS Biosystems, added: “We are delighted with the opportunity to broaden our automated chemical and biological sample management offerings with the acquisition of Tecan’s REMP Sample Management business. Together with our new colleagues from REMP, we look forward to continuing to provide innovative and reliable sample management solutions for our customers in the biopharmaceutical, biorepository, diagnostic, forensic, agrochemical and genomic research centers throughout the world. The combined NEXUS-REMP resources will strengthen our capabilities and ensure continuity of first-class service and support for our customers as well as expand our product offerings for the growing global sample management community. As a key part of this opportunity we also look forward to furthering our collaborations with our colleagues at Tecan.”
Complementary products and markets
NEXUS Biosystems is one of the world’s leading providers of automated sample management systems and related key technologies for the biopharmaceutical, biorepository and related research communities around the world. The company’s majority investor is Telegraph Hill Partners, a life science and medical products growth equity investment company based in San Francisco (California, USA).
NEXUS and REMP complement one another, with NEXUS having strengths in high speed, mid-size automated sample management systems and high performance microtiter plates, while REMP is a leader in small and large size automated sample management systems and high quality sample containers and consumables. REMP has a strong customer base in Europe and Asia with a growing presence in the USA, while NEXUS enjoys a strong position in the USA with a growing presence in Europe and Asia.
Impairment charges in the Sample Management business segment
After a first impairment in the amount of CHF 28.9 million already booked in 2008, Tecan will take further impairment charges (not cash relevant) of an estimated CHF 28 million in the Sample Management business segment in the first half of 2010. Tecan will provide further detailed information upon presentation of its half-year results on August 12, 2010. The Sample Management business segment will be presented in the interim report as a discontinued operation.
Tecan (www.tecan.com) is a leading global provider of laboratory instruments and solutions in biopharmaceuticals, forensics, and clinical diagnostics. The company specializes in the development, production and distribution of instruments and automated workflow solutions for laboratories in the life sciences sector. Its clients include pharmaceutical and biotechnology companies, university research departments, forensic and diagnostic laboratories. As an original equipment manufacturer, Tecan is also a leader in developing and manufacturing OEM instruments and components that are then distributed by partner companies. Founded in Switzerland in 1980, the company has manufacturing, research and development sites in both Europe and North America and maintains a sales and service network in 52 countries. In 2009, Tecan generated sales of CHF 392 million (USD 361.2 million; EUR 259.6 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TK: TECN/Reuters: TECZn.S/ ISIN CH0012100191).
About Nexus Biosystems
Nexus Biosystems (www.nexusbio.com) is a leading innovator and worldwide provider of enabling technologies and automated sample management systems for pharmaceutical, biotech, biorepository, agrochemical and related research institutions worldwide. Nexus products include the ambient, -20°C & -80°C Universal Store family of automated chemical and biological sample management systems, the Aurora line of high performance microplates, the XPeel microplate de-sealer, and the Crystal Farm line of protein crystallization systems. Nexus was founded in 2005, is headquartered in Poway, CA, has a European subsidiary Nexus Biosystems GmbH in Munich, Germany, and has sales and distribution offices throughout the US, Europe and Asia.
About Telegraph Hill Partners
Telegraph Hill Partners, based in San Francisco, CA, is a private equity investment firm specializing in life science and medical device businesses. The firm partners with private companies that demonstrate strong financial performance and innovative products or services. Additional information can be found at www.telegraphhillpartners.com.
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