SYDNEY, AUSTRALIA: Sonic Healthcare Limited (ASX: SHL) has agreed to invest $17.8 million to acquire a 19.99% shareholding in Microba Life Sciences Limited (ASX: MAP). In addition, Sonic is seeking to acquire options for an additional 5% equity position, subject to shareholder approval. Exercise of the options by Sonic would result in a further investment of $7.5 million in Microba.
Microba Life Sciences and Sonic Healthcare have also agreed initial binding terms for a strategic alliance to deliver Microba’s microbiome testing technology into Australia, New Zealand, Germany, United Kingdom, Belgium, Switzerland and the United States.
Microba’s Chief Executive Officer, Dr Luke Reid said, “We are excited to have Sonic Healthcare, a global leader in healthcare, become a major strategic shareholder and partner. Sonic is globally respected for its leadership in delivering trusted medical diagnostic services, and our partnership deeply aligns the interests of both companies to bring microbiome testing and therapeutics into the hands of clinicians and patients globally to improve standard of care.
“This strategic partnership with Sonic is set to accelerate international distribution of Microba’s microbiome testing into primary and specialist healthcare, and move our testing deeper into routine patient management.”
Sonic Healthcare’s Chief Executive Officer, Dr Colin Goldschmidt said, “Sonic Healthcare prides itself on delivering accurate, reliable medical diagnostics services using leading laboratory and informatics technologies. Our partnership with Microba exemplifies our commitment to invest in cutting edge developments in laboratory medicine. We see microbiome testing becoming a key part of pathology over coming years and are excited about the potential of this partnership and the opportunities that Microba’s technology will provide for Sonic’s global operations, our referring clinicians, and our patients.”