With this acquisition, Meridian will be adding Exalenz’s flagship BreathID® Breath Test Systems, a urea breath test platform for the detection of Helicobacter pylori, often associated with peptic ulcers and gastric cancer. BreathID® furthers Meridian’s strategy to be the leading provider of gastrointestinal diagnostic solutions. The platform offers patient-friendly, noninvasive sample collection, along with best in class sensitivity and specificity for both adult and pediatric patients. The point-of-care system delivers immediate results with real-time patient monitoring in a physician office setting, while the lab system facilitates easy patient sample collection at the clinic or patient service center for analysis in the lab. The BreathID® platform compliments Meridian’s stool antigen tests, and leverages Meridian’s existing channel presence to become the leading US company with comprehensive non-invasive diagnostic solutions for H. pylori.
“We are excited to contribute our technology to the Meridian portfolio of H. pylori products and leverage Meridian’s strong commercial presence to accelerate the penetration of the BreathID® platform in
Summary Transaction Terms and Impact
Exalenz shareholders will receive ₪6.10 per share in cash under the terms of the merger. This purchase price implies a total equity value of ₪169 million or approximately
The acquisition is subject to Exalenz shareholder approval and other customary closing conditions. Exalenz’s majority shareholder has entered into a voting agreement pursuant to which he has agreed to vote his shares of Exalenz in favor of the merger. A majority of the remaining shareholders of Exalenz must vote in favor of the merger.
The transaction is expected to close in Q2 of calendar year 2020. In 2019, Exalenz generated approximately
Rothschild & Co is acting as exclusive financial advisor and
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication regarding the proposed acquisition of the business of
Forward-looking statements speak only as of the date they are made. Forward-looking statements are based on Meridian’s experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond Meridian’s control. Such risks and uncertainties could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the parties’ ability to satisfy the terms and conditions of the merger agreement; the diversion of management time on transaction-related issues; Meridian’s ability to successfully integrate the businesses, operations and technology of Exalenz; risk of failure of the acquisition to achieve its plans and objectives generally; risk that the transaction and its announcement could have an adverse effect on the parties’ ability to retain customers and retain and hire key personnel; the risk that any potential synergies or cost savings from the transaction may not be fully realized or may take longer to realize than expected; and risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations, legislation, and other regulatory actions and initiatives, the regulatory process for new products and indications, manufacturing issues that may arise, stock price volatility, fluctuations in exchange rates for future sales denominated in foreign currency, patent positions and litigation, among other factors. The forward-looking statements contained in this communication may become outdated over time. Meridian does not assume any responsibility for updating any forward-looking statements. Additional information concerning these and other factors can be found in Meridian's filings with the
Exalenz’s shares are traded on the Tel Aviv Stock Exchange, symbol EXEN. Exalenz’s website is www.exalenz.com.
Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic products. We are dedicated to developing and delivering better solutions that give answers with speed, accuracy and simplicity that are redefining the possibilities of life from discovery to diagnosis. Through discovery and development, we provide critical life science raw materials used in immunological and molecular tests for human, animal, plant, and environmental applications. Through diagnosis, we provide diagnostic solutions in areas including gastrointestinal and upper respiratory infections and blood lead level testing. We build relationships and provide solutions to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers, and biotech companies in more than 70 countries around the world.
Meridian’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.
Vice President – Investor Relations
Phone: +1 513.271.3700