A life science investor group, Novo Holdings A/S announced acquisition of BBI Group, from Exponent at enterprise value exceeding GBP 400 million (USD 550 Million). BBI Group, with more than 30 years of presence in products and services in the global diagnostics and life science industry. BBI was earlier acquired by Exponent as a corporate carved-out from US-listed Alere (now Abbott) in 2015.
BBI is a provider of critical reagents and immunoassay, lateral flow, diagnostics manufacturing and development services and smart phone reader technology, which particularly have been catered to customers including Thermo Fisher, Merck and Siemens. BBI Solutions, a part of BBI group, offers products including antibodies, antigens, label, corresponding reagents and point of care tests. Over the past few years, the company has completed acquisitions of Novarum DX, Maine Biotechnology and Diarect that resulted in an expanded product portfolio. BBI group offers lateral flow test manufacture and mobile diagnostic solutions with Novarum™ technology that enables in reading and sharing results of rapid point of care testing. While acquisition of Maine Biotechnology added antibody development capabilities, Diarect AG added recombinant autoimmune antigen capabilities to BBI’s portfolio. With current acquisition, Novo Holdings will entrench into diagnostics and preventive medicine space, leveraging BBI’s firmly established presence.
Novo Holdings, was established in 1999 as a company fully owned by Novo Nordisk Foundation which is the major stakeholder in the Novo Group companies (Novo Nordisk and Novozymes). Novo Holdings is a life science investment company with investments across development stage to established companies and has generated a 10-year average return of 17%, by the end of 2020. This investment of Novo Holdings’ in BBI is aligned with its Principal Investments strategy targeting well-established life science companies with leading positions in growing market segments.