LONDON, UK: Ichor Management Limited, controlled by ARCHIMED SAS, has made an offer to acquire Instem plc at the rate of 833 pence in cash valuing the entire issued and to be issued ordinary share capital of Instem at approximately £203 million.

Instem is a market leading provider of workflow, data and IT solutions across the drug development lifecycle to the global life sciences market and is well positioned to capitalise on the growing R&D market due to its high-quality product portfolio and development potential. Ichor Management is fully aligned with Instem management team’s vision for Instem to achieve its organic and inorganic growth ambitions.

The Instem Directors, who have been so advised by Rothschild & Co and Singer Capital Markets as to the financial terms of the acquisition, consider the terms of the acquisition to be fair and reasonable.

In providing its advice to the Instem Plc Directors, Rothschild & Co and Singer Capital Markets have taken into account the commercial assessments of the Instem Directors.

With offices in Europe, North America and Asia, ARCHIMED is a leading global investment firm that is exclusively focused on healthcare industries, with more than €8 billion of assets under management and past and current investments in 32 healthcare companies that serve customers around the world.

Over the last twenty years, ARCHIMED’s leadership team has directly managed and invested in over eighty small to large size healthcare companies globally, representing over €30 billion of combined value.

ARCHIMED specialises in investing in operating companies across various segments of the healthcare industry, including Healthcare IT, Biologic Services, Biopharma Products, In Vitro Diagnostics, Med Tech, Pharma Services and Consumer Health.

Its mix of operational, medical, scientific and financial expertise allows ARCHIMED to serve as both a strategic and financial partner to North American and European healthcare businesses.

ARCHIMED’s specialisation in healthcare industries also enables it to develop a deep understanding of the unique challenges and opportunities for healthcare businesses and leverage its network of healthcare talents to support its portfolio companies.

Commenting on the acquisition, David Gare, Chair of Instem, said: “The Instem Board is pleased with the considerable progress made by the Company following the successful integration of acquisitions and the implementation of its strategy to achieve and maintain a growing portfolio of ‘world leading life science workflow and data solutions’.

While this strategy, endorsed by the Board, is anticipated to generate substantial long-term value for shareholders, we also note that the next phase of development for the business is at an early stage and there is an element of risk attached to some of our recent initiatives, which will take time to deliver value.

The offer from Bidco represents an attractive valuation and offers shareholders the certainty of cash today, while also fairly reflecting the exceptional quality of the Instem business, its people and its future prospects. Under Bidco’s private ownership, without the costs and regulation of a listed company, Instem will be able to pursue its organic growth strategy, while benefiting from the expertise and capital to accelerate its successful acquisitive growth plan.

Accordingly, those members of the Board who are also Instem Shareholders have irrevocably undertaken to vote the Instem Shares in which they are interested in favour of the Acquisition. The Board also intends to recommend unanimously that Instem Shareholders also vote in favour of the Acquisition.”

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