Innova Biosciences, a specialist provider of bioconjugation products and services, has been fully acquired by SYGNIS AG, for EUR 8 million in cash and 3.5 million in shares.
Innova’s range of antibody and protein labeling products and services ideally complements SYGNIS’ customer base and existing genomics and proteomics portfolio. SYGNIS’ international presence provides Innova Biosciences with opportunity to expand even further within its already fast growing markets.
The purchase of Innova by SYGNIS AG was priced at EUR 8 million in cash, with a further 2 million shares to be issued by way of a capital increase against contribution in kind, as well as up to a further 1.5 million shares which were issued through a mandatory convertible bond if certain turnover targets are met within a period of two years.
“Innova is a natural fit with the SYGNIS Group. Its cutting-edge labeling technology, market knowledge, innovation and creativity is highly complementary and will add significant value to the SYGNIS Group and its customers. Labeling is a central application at several stages in both proteomics and genomics workflow hence the Innova product portfolio fits perfectly with our customer base,” said Dr. Heikki Lanckriet, CEO and CSO of SYGNIS: “We welcome the highly skilled and experienced team to the group, and are delighted that Nick Gee will join our management team as Chief Technical Officer.”
Dr. Nick Gee, formerly CEO and CSO of Innova, now CTO of SYGNIS, added: “SYGNIS offers a great platform to grow our business internationally and will give us access to new target audiences and markets. SYGNIS and Innova technologies are highly complementary, and can be sold through the same sales channels. We were particularly attracted by the sales reach of SYGNIS, which will enable us to grow our business even more quickly. The proximity of our locations here in Cambridge also makes achieving synergies readily attainable. We are delighted to be part of a larger, stronger team.”