The Binding Site sold in multi-million pound deal

BIRMINGHAM based medtech The Binding Site has been acquired by Nordic Capital Fund VII in an undisclosed deal.

Three-time Queen’s Award winner The Binding Site has a global turnover of around £43m and recently relocated to a new city centre site at Five Ways.

The deal sees company founder Professor Jo Bradwell retain a small share of the business while he will also remain on the board.

The Binding Site specialises in the research, development, manufacture and sale of innovative medical diagnostic products focused on cancer and other illnesses.

With extensive expertise in antibody specificity technology, Binding Site gives clinicians and laboratory staff tools to improve diagnosis and management of patients across a range of B-cell cancers and immune system disorders.
 
Following the acquisition, the company will continue to build on its position as the world’s leading supplier of IVD assays for identifying and monitoring B-Cell dyscrasias and PID. This includes increasing market penetration of the Freelite™ and Hevylite™ assays across its core markets and developing agreements with leading distributors in fast growing regions such as Asia.

Professor Bradwell said: “With the help of a highly talented group of people here at Binding Site, as well as with our extensive links throughout the global medical community, we have built an excellent business.

“We have worked very hard to be the leaders in our chosen field, and in Nordic Capital I believe we have found a very supportive partner. I am confident the company will continue to develop and grow for long into the future.”
 
Kristoffer Melinder, managing partner, NC Advisory and advisor to the Nordic Capital Funds, said: “Nordic Capital has followed the development of Binding Site for some time and has been impressed by the performance of the Company and the strength of its product portfolio.

“With the strategic and financial support of Nordic Capital, Binding Site can further strengthen its position as the world’s leading supplier of IVD assays for identifying and monitoring B-Cell dyscrasias and PID.”

Two years ago The Binding Site generated £80m with the sale of part of the business to a European rival. The move led to speculation that the whole of the business might be eventually sold.

The business was founded by a group of academics from Birmingham University Medical School in the 1960s and established as a commercial company in 1982.

Direct sales in UK, United States, Canada, Germany, Austria, France, Spain, Italy, Czech Republic, Slovak Republic, Belgium, Netherlands and Luxembourg are supported by The Binding Site offices and a network of over 70 global distributors, allowing it to distribute products in 90 countries.

Worldwide the company employs almost 500 people with around 380 based in Birmingham.