Managers buy out Gen-Probe diagnostics division

A TEAM from molecular diagnostics group Gen-Probe has bought out the part of the business which makes a testing kit for genetic conditions.

Elucigene is used by laboratories to diagnose conditions such as cystic fibrosis, down syndrome and rare diseases.

It has been acquired for an undisclosed sum by a team led by Scott Higgins and backed by Surrey-based Percipient Capital. The unit is effectively spun out of Gen-Probe’s base in Wythenshawe.

Gen-Probe, part of the Nasdaq-listed Hologic, arrived in Manchester following its £93m takeover of Tepnel Life Sciences in 2009.

The Elucigene transaction was carried out through Delta Diagnostics (UK) which is now trading as Elucigene Diagnostics from Manchester Science Park.

Mr Higgins, Delta’s managing director, said: “It’s pleasing to see that the UK private equity community can still move quickly when needed. We had a timetable that was driven by the vendors need to complete before some internal deadlines. That meant that all parties had to be flexible and responsive. I’m pleased to say that we managed it well within time.”

Jason Gould of Percipient Capital said: “In the current market, where deals can take over a year to come to fruition, it’s nice to demonstrate that we have the capability to move very quickly.”

Delta was advised by Birmingham-based Odyssey Corporate Finance and West Midlands law firm Higgs & Sons.