GOTHENBURG, SWEDEN: BICO Group AB has entered into an agreement with the shareholders of Biosero Inc. to acquire all outstanding shares to an enterprise value of $165 million.

Approximately 63 percent of the purchase price will be paid in cash, 21 percent by issuance of the Considerations Shares, and approximately 16 percent will be paid through an earnout component (shares and cash) over the coming three years.

BICO’s Board of Directors will resolve to issue the Consideration Shares in accordance with the authorization from the Extraordinary General Meeting held on November 17, 2021.

The addition of Biosero’s software capabilities brings immediate synergies and will allow BICO to offer its customers fully automated and connected workflow solutions using the combination of technologies and products from current portfolio companies together with Biosero’s software solutions. In the short to mid-term, these cross-business synergies have the potential to unlock large orders related to automated workflows.

BICO will also invest $20 million over a three-year period to further accelerate Biosero’s commercial agenda to expand to new geographical markets and to fully monetize on current order pipeline.

Biosero is a San Diego based company, with 75 employees globally and founded in 2003. The company offers software solutions, under the umbrella of Green Button Go and services which enable seamless laboratory automation for connected and smart workflows. Such solutions can make a significant impact across all BICO’s core industrial ecosystem of cell line development, multi-omics, tissue engineering and diagnostics.

With a customer-centric approach, including well-known big-pharma companies, Biosero’s revenue is expected to reach $26 million in 2021, with an EBITDA margin exceeding 25 percent. Biosero is expected to grow in line with BICO’s financial targets.

“At BICO we are committed to leveraging our Bio Convergence technologies to develop smart, automated, and sustainable solutions for our customers, and in turn revolutionize the healthcare industry. With Biosero we take a significant and strategized step in expanding our portfolio with combinatorial smart software systems to enable automated workflows.

The Biosero software platform will serve as a glue to our impressive portfolio of hardware instruments and solutions, tying together the great hardware technologies we have acquired over the years. Through improved efficacy and efficiency this leads to better and faster decision making for our customers and contributes to solving the modern healthcare challenges we face” says Erik Gatenholm, CEO and co-founder of BICO.

“Our software and integrated solutions enable connectivity and advanced lab automation; BICO’s investment in our growth strengthens our commitment to our customers. From day one, we can be integrated in the current offering of BICO, thus extending our reach and enabling value to a broader customer base. This means great business opportunities and synergy potential for both parties.

We look forward to playing a vital part in the developments of the Group’s offering and to create the future of health together with more than 1,000 new colleagues,” says Tom Gilman, CEO and co-founder of Biosero.

Founded in 2016, BICO (formerly CELLINK) is the leading bio convergence company in the world. The Group’s instruments in the field amounts to 25,000, including all the top 20 pharmaceutical companies, are being used in more than 65 countries, and have been cited in more than 9,500 publications. BICO is listed on Nasdaq Stockholm under BICO. www.bico.com