9th September 2023, London, UK – LGC Clinical Diagnostics, a business unit of LGC, today announced the acquisition of Virusys Corporation, a leading developer and manufacturer of monoclonal antibodies and viral antigens.
Virusys approached Pivotal Scientific Limited (PSL) to exclusively manage the sale of the company, having been recommended to them for their approachability and ease of handling the whole process by a company previously sold by PSL. Their skill within M&A consultancy and process management was recognised by their former client.
PSL have been involved with over 30 sell-side transactions since 2019, coupled with the deep industry knowledge and personal experience of their M&A team, they can offer end-to-end support for the exit of companies. What sets them apart is the experience the team has in setting up companies, growing companies, and selling companies, all within the Biotechnology sector. At PSL we help smaller, science-focused organisations understand the needs of larger, acquiring corporates, helping to explain the language and to convert owner-operator practises to the requirements of regulated multinationals. Equally, they enable larger organisations to understand the nuanced practices of smaller organisations and translate it to their own requirements.
PSL managed the whole process with the key actions being:
- Company assessment and audit, including valuation carried out in person.
- Development of Virusys Corporate CIP (Confidential Information Presentation).
- Generation of a refined list of companies that may be interested in acquiring Virusys.
- Presentation of Virusys to those companies.
- Discussion with those interested companies about the fit of Virusys within their future goals and the benefits, including unique offerings/POD and core scientific skillset offered by Virusys.
- Negotiation of an agreed Letter of Intent to purchase (LOI).
- Ran a full DD process on behalf of seller including recommending legal counsel and data room management.
- Support with preparation of Virusys’ financial statements and DD using our internal collaborators.
- Negotiated on behalf of seller through preparation of the APA (asset purchase agreement), including support with disclosures and schedules in addition to the excellent advice offered by legal counsel.
- Fundamental liaison between and for both parties, bridging scientific understanding and corporate language.
Virusys Corporation:
Established in 1997, Virusys are the source for quality virology related products and services. Focusing on the development of in vitro diagnostic (IVD) proteins and antibodies they have built a reputation for innovation, quality, and reliability across their broad customer base.
Pivotal Scientific Limited:
Established in 2008. Pivotal Scientific Limited (PSL) a dynamic and experienced life science consultancy, assist companies in growing their brand and sales in this highly competitive market. PSL do this by supporting their clients at all stages of the business life cycle – creating business plans, facilitating corporate introductions, and giving advice during mergers and acquisitions to both those buying and those selling organisations.
