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US health firm acquires Finnish-French PCR testing tech outfit for €668m

Growth for the Finnish-French firm was significantly accelerated by the coronavirus pandemic.

Testilaitteen runko.
A Mobidiag-developed device that analyzes pathogens Image: Heikki Haapalainen / Yle

The US medical technology company Hologic is acquiring the Finnish-French molecular diagnostics company Mobidiag for approximately 668 million euros, the companies announced on Friday.

The purchase price is exceptionally high for an unlisted Finnish growth company.

Mobidiag employs almost 230 people, most of whom are in Finland. The company's key product is the Novodig diagnostic platform for the detection of infectious diseases and antibiotic resistances.

The firm develops and markets PCR (polymerase chain reaction)-based tests for acute care conditions including as gastrointestinal and respiratory infections among other infection types.

The advantage of the device developed by Mobidiag is that it can test for several pathogens simultaneously. More than 130 million euros has already been invested in development of the product.

Founded in 2000, Mobidiag has product development and component manufacturing in France, and subsidiaries in the UK and Sweden. In 2013, Mobidiag merged with the French company Genewave and the Finnish company Amplidiag.

The company's turnover last year was 35 million euros. Coronavirus testing that began last year significantly boosted Mobidiag's growth.

The company's CEO Tuomas Tenkanen said he sees the acquisition as opening up new channels for larger markets, including the United States.

"With this deal, we will be able to really invest in growth in both Finland and France," Tenkanen said.

The acquisition is expected to close early in the fourth quarter of fiscal 2021, subject to receipt of certain required regulatory approvals and other closing conditions, including foreign direct investment approval in Finland and France.

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