SYDNEY, AUSTRALIA: Trajan Group Holdings Limited (ASX: TRJ) has completed the acquisition of Neoteryx LLC, a global leader in blood micro sampling devices based in Torrance, California, USA.
Trajan has acquired 100% of the shares in Neoteryx along with the remaining global operations through a share swap and cash payment arrangement. The current parent company of Neoteryx, Farrona LLC will be issued 4,659,843 ordinary fully paid shares in Trajan.
The new shares are subject to a voluntary escrow agreement to be held by Farrona for a minimum period of six months (180 days).
An additional cash payment of $5.05 million, to be fully funded through debt, will be paid by Trajan to Farrona LLC, excluding closing working capital adjustments. The majority shareholder in Farrona is Mr Fasha Mahjoor, Founder and CEO of Neoteryx.
Mr Stephen Tomisich, Founder and CEO of Trajan said; “This transaction will mark the moment that Trajan changed gear in driving the global commercialization and adoption of micro sampling at scale. Remote sampling is an essential element in progressing personalized, preventative and data-based healthcare.
Importantly we are also building the tools around the entire workflow, from consumer portals to laboratory automation, through to the laboratory function itself. While not immediately EBITDA accretive as a result of this transaction we expect to see a meaningful acceleration of the micro sampling portfolio’s contribution to both Trajan’s top line and EBITDA growth over the next 3-5 years.”
Fasha Mahjoor added; “I am extremely pleased to see my Neoteryx team find its next home in Trajan. Today Neoteryx is a global leader in blood micro sampling, the team has achieved incredible progress in pioneering the pathway towards decentralized healthcare.
With the very clear direction and near future objectives that Trajan has in place, including having the full tool set to enable development and deployment of complete workflow solutions, the adoption will be significantly increased. I am also very pleased to continue the journey as a Trajan shareholder, as I can clearly see a very bright future for the Company.”
With the departure of Mr Mahjoor, Mr Tomisich will assume an acting CEO position with the current Neoteryx leadership team reporting directly to him.
Mr Tomisich continued; “bringing Neoteryx under the Trajan banner isn’t just about the device or products, it is also about the global Neoteryx team. It’s a dynamic leadership group based in the USA, UK and Europe with combined 50 years experience in micro sampling commercialization with strong backgrounds in chromatography and sample preparation”.
Trajan is a global developer and manufacturer of analytical and life sciences products and devices founded to have a positive impact on human wellbeing through scientific measurement.