Successful sale of BRAHMS in an all cash transaction to Thermo Fisher
Scientific leads to NAV increase of CHF 8.88, or 15.5%
Thermo Fisher Scientific Inc. and BRAHMS Holding GmbH announced the signing of a definitive Share Purchase Agreement. Under the terms of the agreement Thermo Fisher Scientific will acquire all issued shares of BRAHMS for a gross purchase price of EUR 330 million (approximately USD 470 million), including net debt. The purchase price is payable in cash: 95% of the sum is due at closing and the remainder one year later. The closing is expected in late September 2009, subject to applicable regulatory approvals. Following the receipt of the closing proceeds of CHF 128.1 million at the exchange rate, HBM BioVentures can meet all its financial commitments, including the repayment in April 2010 of the outstanding convertible bond.
Dr. Andreas Wicki, CEO of HBM BioVentures, comments: “BRAHMS is a successful, well developed, fully integrated leader in specialty diagnostics with a focus on innovative biomarkers applied in disease detection and monitoring. Since our investment in 2005, HBM and our experts have supported the excellent management team and the company with significant strategic advice to invest in the business to ensure sustainable long-term growth. BRAHMS’ innovative biomarkers as well as the product development platforms will now represent the core of Thermo Fisher Scientific’s future European Centre of Excellence for clinical diagnostics.”
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