Sartorius agrees with BICO on strategic cooperation as well as a 10 percent capital investment
Göttingen, December 8, 2022
- BICO Group is a pioneer and leading provider of instruments and consumables for bioprinting, bioscience and bioautomation applications in the life science industry
- R&D collaboration regarding 3D cell printing technologies and digital solutions for cell line development workflows
- Sartorius to become distributor of BICO products in the APAC region
- Sartorius to hold stake of 10.1 percent in BICO
The life science group Sartorius and Sweden-based BICO Group, a provider of instruments and consumables for bioprinting, bioscience and bioautomation applications, have agreed on a comprehensive technology as well as sales and marketing cooperation. As part of the partnership, both companies will enter into a research & development collaboration relating to 3D cell printing and associated technologies as well as digital solutions for cell line development workflows. Additionally, it was agreed that Sartorius will become a distributor of BICO products in the Asia-Pacific (APAC) region. To underline its commitment to the partnership, Sartorius subscribes to a directed share issue equivalent to 10 percent of outstanding shares in BICO prior to the transaction for a price of SEK 76.00 per share, in total approximately SEK 487 million (about EUR 45 million). Added to Sartorius’ already existing holding in BICO, upon settlement the total ownership of Sartorius will amount to approximately 10.1 percent of the shares and 8.5 percent of the voting rights.
“The cooperation with BICO will enable us to jointly strengthen our activities in very dynamic fields like advanced cell models and digital workflows in drug research and development. We will further enhance the position of both companies in the fast-growing Asian markets with highly differentiating and relevant technologies. We are convinced that the strategic partnership and the investment in BICO will create value for both parties,” said Gerry Mackay, member of the Executive Board and Head of the Lab Products & Services Division of Sartorius.
“The strategic collaboration with Sartorius is expected to significantly expand our presence and accelerate growth in Asia-Pacific, where BICO today has considerable expansion potential. BICO will get access to value adding, complementary technologies and products, which will enhance our current customer offering within bioprinting and lab automation. We consider the Sartorius ownership in BICO as a verification of the BICO growth strategy,” said Erik Gatenholm, CEO and co-founder of BICO.
BICO is a leading provider of life science solutions and laboratory automation that enable more efficient development of new treatments with more specificity and less need for animal testing. The company uses bioconvergence as its operating system, combining advanced technologies with biology to streamline and automate workflows within the pharmaceutical and biopharma industries. With 32,000+ instruments installed in over 65 countries, BICO products and solutions are found in more than 3,500 laboratories, including the world’s top 20 pharmaceutical companies, and have been cited in over 11,000 publications. Operating through three business areas – Bioprinting, Biosciences and Bioautomation – the BICO Group strives towards the long-term ambition of enabling the reduction the world’s organ shortage and speeding up drug development to create the future of life-saving treatments. BICO is listed on Large-Cap, Nasdaq Stockholm under BICO.
William Blair acted as financial advisor to Sartorius, and Milbank LLP provided legal counsel.
This press release contains forward-looking statements about the future development of the Sartorius Group. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Sartorius assumes no liability for updating such statements in light of new information or future events. This is a translation of the original German-language press release. Sartorius shall not assume any liability for the correctness of this translation. The original German press release is the legally binding version.