Odyssey leads on life sciences acquisition
BIRMINGHAM and London-based advisory firm Odyssey Corporate Finance (OCF) has led on a deal which sees Delta Diagnostics (UK) acquiring the Elucigene business from Hologic Inc in the US.
Terms were not disclosed.
The Elucigene product is a branded testing kit used by laboratories all over the world to diagnose human genetic conditions such as cystic fibrosis, down’s syndrome and other rarer diseases.
Manchester-based Delta is effectively the former management team of the Elucigene business who, after advice from OCF, approached equity funder Percipient Capital with a view to raising equity for the acquisition.
Terms were agreed within two weeks, with completion taking place less than two months later.
The cross border acquisition by Delta was advised by Tom McCarthy and Ray Harris of OCF along with John Heaton and Jamie Partington from Black Country law firm Higgs & Sons.
Scott Higgins, managing director of Delta, 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.”
Tom McCarthy, director of Brindleyplace-based OCF, said: “This is a pleasing deal from a number of angles. As healthcare specialists we knew that the business was exceptional. However, to co-ordinate a cross border transaction within the required timeframe was a challenge.
“We are delighted to have led the deal and to continue advising Delta with its next phase of growth.”
