Igenomix has a global network of 26 laboratories, serving over 80 countries and more than 3000 clinics
Vitrolife is said to offer diversified testing services to around 90,000 patients per year. (Credit: EQT AB)
Vitrolife has agreed to acquire Spain-based molecular genetic diagnostics provider Igenomix from EQT Private Equity in a deal valued at around €1.25bn.
Headquartered in Valencia, Igenomix offers molecular genetic testing diagnosis for in vitro fertilisation (IVF) and rare diseases.
The transaction is expected to result in creating a global player in reproductive health, as it combines product portfolios and market presence of two companies within IVF medical devices and reproductive genetic testing services.
Igenomix CEO David Jimenez said: “We are excited to embark on a new journey together with Vitrolife which will help us to further improve delivery of our mission to provide personalized genetic information to patients globally and further improve clinical practices in infertility, women’s health and rare diseases.”
Igenomix, which was established in 2011 as a spin-off from the IVI Group, has a global network of 26 laboratories to serve over 80 countries and more than 3000 clinics.
With around 560 employees, the company is said to offer diversified testing services to around 90,000 patients per year.
In 2019, EQT Private Equity purchased a majority stake in Igenomix alongside Charme Capital Partners, Igenomix’s founder, and management.
Under EQT leadership, the company had introduced non-invasive Pre-implantation Genetic Testing (PGT), Covid-19 test and a new business line called genetic Precision Diagnostics (GDPx) testing for rare diseases.
EQT Private Equity Spain advisory team head and partner Carlos Santana said: “This transaction marks the first exit for EQT Private Equity in Spain after having formally entered the country in 2018 with this strategy.”
Subject to customary conditions including receipt of applicable regulatory approval, the deal is expected to be completed in the second half of this year.
J.P. Morgan and Morgan Stanley served as financial co-advisors to Igenomix, while llen & Overy and White & Case served as its legal counsel. Freshfields served as tax structuring advisor to Igenomix.