New York's Immco Diagnostics is now an arm of Trinity Biotech, which put up $33.8 million for the maker of autoimmune tests.
The deal, which closed last month, gives Trinity Immco's stable of diagnostic assays and reagents, offerings CEO Ronan O'Caoimh called "truly excellent and complete" in announcing the buyout. Immco hauls in about $12.5 million in revenue a year, according to Trinity, with $8.5 million from diagnostic products and the rest from lab services.
Immco weighed three other buyout offers before shaking hands with Trinity, picking the Irish outfit because it made the strongest commitment to growing the company and keeping it in New York, CEO Bill Maggio told The Buffalo News.
Trinity expects its acquisition's revenue to grow 20% on the year, due largely to cost synergies between the two diagnostic outfits and Immco's room for growth in the specialty autoimmune testing market, where competition is tamer than in automated diagnostics.
"We're doing difficult testing, testing that the big players like Siemens ($SI) and Abbott ($ABT) aren't interested in," Maggio told the newspaper.
Last quarter, Trinity closed $21.3 million in revenue, a 2.4% jump over the same period in 2012, growing its clinical laboratory business by 2% and its point-of-care segment by 4%.
- read the Buffalo News story