VC-backed Lab21 sold to Novacyt

Lab21 counts NMT Capital, Excalibur, Kreos Capital and Medicis Capital among its shareholders.

Following the approval of Novacyt's shareholders, Lab21 will be wholly absorbed into the listed French company to become a subsidiary. The combined group will then be rebranded.

The transaction will comprise approximately 2.5 million Novacyt shares being issued to Lab21's shareholders in exchange for Lab21's stock, at an exchange rate of 0.925 of a Novacyt share for one Lab21 share.

Upon completion, 46% of Novacyt's share capital will be held by Lab21's current shareholders. The transaction value sits at around €40m.

NMT led the £2.2m funding round for Lab21 in December 2008.

Novacyt was venture capital-backed prior to its listing on the Alternext in October 2012. In May of that year, the company received €1.5m in funding from several investors including Arkeon Finance, which contributed €600,000 to the round, according to unquote" data. The company was founded in 2006 and is headquartered in Vélizy-Villacoublay.

Company
Founded in 2005, Lab21 is headquartered in Cambridge with manufacturing facilities in Camberley and Bridport. The company develops diagnostics products for disease identification, disease predisposition and personalised medicine.

Its operations are split into two divisions: the products division manufactures immunodiagnostics kits for infectious diseases, while the clinical laboratory division provides testing services to healthcare providers for the treatment of oncology, HIV and viral hepatitis patients.

People
Current Lab21 CEO Graham Mullis is to become CEO of the newly combined group, while current Novacyt CEO and chairman Eric Peltier will take on the role of chief innovation officer.

Advisers
Acquirer – Michel Dyens & Co (M&A); Linklaters (Legal).
Company (Lab21) – Pitmans (Legal).

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