Abénex sells Cisbio Bioassays to trade

Unquote sister publication Mergermarket reported in November that the asset was on the market, with Edmond de Rothschild advising on the sale. At the time, the business posted a €12m EBITDA, from €50m in annual sales, the publication reported.

A source familiar with the situation disclosed that the figures reported by Mergermarket are roughly correct. 

Cisbio's range of kits and reagents are complementary to PerkinElmer's products, used in drug discovery and screening applications, according to a statement by the firms.

Via the Cisbio acquisition, PerkinElmer will have access to assay tools that address the broad diversity of target types and biological configurations, for both small molecule and biological drug discovery.

PerkinElmer serves the diagnostics, life sciences, food and applied markets, employing 12,500 people globally. The business reported revenues of around $2.8bn in 2018.

Abénex declined to comment on the transaction. 

Previous funding
Argos Soditic backed the MBO of Cisbio in a deal valued at less than €50m EV in 2013. Management took a stake in the deal, which saw Cisbio spin out of the Belgian healthcare group IBA.

Three years later, Abénex backed the secondary buyout of Cisbio, investing via its €450m Abénex V fund, and becoming the majority shareholder in the company.

The transaction represents the first deal and first exit conducted via this vehicle, Unquote understands.

Company
Founded in 1985, Cisbio is a life sciences company that develops, manufactures and markets high-quality kits and reagents for the drug discovery and life sciences markets used by pharmaceutical, biotechnology, academia and contract research organisations across the world.

Cisbio has more than 200 employees, according to French daily Les Echos.

People
Cisbio Bioassays – Joseph Jammal (CEO).

Advisers 
Equity – Hogan Lovells, Jean-Marc Franceschi, Florian Tranchecoste, Sophie Han (legal).
Vendor – Edmond de Rothschild, Arnaud Petit, Laure Klein, Mohamed Rtel Bennani (corporate finance); DLA Piper, Xavier Norlain, Julia Elkael, Alexis Orlando (legal); Eight Advisory, Lionnel Gérard, Christophe Puissegur, Valérie Jacquard (financial due diligence); Fidal, Xavier Houard, Anne Frechette-Kerbrat, Albane Eglinger-Beauchamp (legal); Siaci Saint Honoré, Eric Rémus (insurance due diligence); Zurich Insurance, Charles de Mombynes (insurance due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• France
• Healthcare
• France