GP-backed SSI Diagnostica acquires CTK Biotech

As part of the deal, the current CEO of SSI Diagnostica, Patrik Dahlen, has stepped down from his role and is replaced by Søren Skjold Mogensen. Dahlen will join the board of directors of the joint company.

The GP is backing the deal with fresh equity from its first fund, Adelis Equity Partners Fund I, and is SSI Diagnostica's first add-on deal. 

Rasmus Molander, partner at Adelis, told Unquote that the company was not planning to make further bolt-on acquisitions in the near future, preferring to focus on organic growth and investing in its product development instead. 

The acquisition, which will create a merged company focused on the rapid diagnostics of respiratory and tropical diseases, is aimed at accelerating growth. Rasmus Molander, partner at Adelis, said the deal will create a business with estimated sales of more than DKK 600m in 2020 ($95m). 

The acquisition comes four years after the GP carved out SSI Diagnostica from the Danish government for DKK 250m, deploying equity from its first fund, Adelis Equity Partners Fund I.

Headquartered in Hillerød, SSI Diagnostica generated a turnover of DKK 162m in 2018 and employs 110 staff. 

Company
Founded in 1997 and based in San Diego, CTK Biotech is an in vitro diagnostic (IVD) business that manufactures and distributes rapid diagnostic tests in Latin America, Asia and Africa. The company has a manufacturing plant in Beijing and generated $26m in sales in 2019. 

People
Adelis Equity Partners – Rasmus Molander (partner).
SSI Diagnostica – Søren Skjold Mogensen (CEO).
CTK Biotech – Catherine Chen (CEO, co-founder).

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