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A private equity consortium is bidding for Oxford Immunotec: Reuters
Posted on Friday, 05 June 2020 10:16
Oxford Immunotec Global has received an approach from a consortium of private equity firms that values the medical diagnostics company at around USD 400.00 million, Reuters reported.
Citing people familiar with the matter, the news provider observed KKR & Co and Ampersand Capital Partners are teaming up to potential acquiring the target, which develops tests to identify tuberculosis (TB).
The offer is preliminary and was submitted in the last few days, according to the sources.
Insiders, who asked not to be identified as the situation is still private, observed the news following an almost 12-month process in which Oxford Immunotec was exploring a sale to healthcare rivals but failed to agree on terms to complete a disposal.
KKR and Ampersand are said to be offering around USD 15.00 per share in cash, subject to due diligence, which represents a 14.3 per cent premium to the group’s close of USD 13.12 on 3rd June 2020, the last trading day prior to the Reuters reported.
The sources cautioned there is no guarantee this bid will lead to an agreement and all three companies did not respond to the news providers requests for comment.
Oxford Immunotec is a global, high-growth diagnostics company with its leading product being the T-SPOT TB test used for diagnosing infection with TB, which is the world’s largest cause of death from infections diseases.
The candidate has been approved for sale in over 60 countries, including the US, Europe and in Japan and China.
Oxford Immunotec is headquartered in Oxford, the UK, while also having an office in Massachusetts in the States.
In the three months ended 31st March 2020, the company posted revenue of USD 13.91 million, down slightly from USD 14.79 million in the corresponding period of 2019.
Adjusted loss before income, taxes, depreciation and amortisation totalled USD 5.18 million in Q1 2020 (Q1 2019: USD 2.27 million).
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