Korean diagnostics biotech goes transpacific, agreeing to shell out $1.5B to take Meridian private
A Korean diagnostics player that made millions of Covid-19 tests in the early stages of the pandemic is now expanding into the US market.
Cincinnati-based Meridian Bioscience put up notice Thursday morning that it’s going to be acquired by SD Biosensor, accompanied by investment firm SJL Partners for $1.53 billion in cash.
How the transaction will work, according to Meridian, is that a “newly formed affiliate vehicle” formed by SD Bio and SJL will acquire the company. In exchange, Meridian shareholders will receive $34 per share, a 32.4% premium over the company’s share price $VIVO when an offer was first made after market close on March 17. The biotech’s price at that time was $25.67 per share.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.