By Datamonitor staff writer
Strengthen Lab21’s global reach
Lab21, a provider of diagnostic products and services, has purchased the majority shareholding of Biotec Laboratories, a clinical diagnostic company with particular emphasis on infectious diseases, most notably tuberculosis.
As part of the sale, Lab21 also acquires Biotec’s South African subsidiary, Biotec Laboratories SA which is a joint venture with the Cape Biotech Trust.
The two companies have had an ongoing commercial relationship, with Biotec Laboratories distributing some of Lab21 diagnostic products through its established global network of distributors in 80 countries worldwide. This will strengthen the Lab21 global reach, in particular in Africa and South America and will allow it to immediately access new markets for its products.
The financial terms of the deal were not disclosed and the transaction takes immediate effect. For the immediate future, Biotec Laboratories will continue to trade as a subsidiary of Lab21 group.
Graham Mullis, CEO of Lab21, said: “Our goal is to grow Lab21 into a major international diagnostics business through both organic growth and acquisition – this transaction is an important step in that process. Our combined businesses, which have very complementary products, provide a great platform from which to build further our infectious disease and immunodiagnostic portfolio.”