EQT Private Equity to sell Igenomix to Vitrolife for an enterprise value of EUR 1.25 billion
Igenomix is a global leader in molecular genetic diagnostics for reproductive medicine and rare diseases - assisting approximately 90,000 patients per year through a diversified portfolio of in vitro fertilization (IVF) and rare diseases genetic testing services
The combination of Igenomix and Vitrolife will create a global leader in reproductive health by combining the knowledge, product portfolios and market presence of two leading companies within IVF medical devices and reproductive genetic testing services
As part of the transaction, EQT Private Equity will become a minority shareholder in Vitrolife, a global developer of IVF products listed on Stockholm Nasdaq – and will support in integration of the two businesses and the extraction of synergies
During EQT Private Equity’s ownership, Igenomix has experienced strong growth and made significant investments into its product portfolio and R&D capabilities, as well as supported international expansion
EQT is pleased to announce that the EQT VIII fund (“EQT Private Equity”) has agreed to sell Igenomix (or “the Company”) to Vitrolife AB publ (“Vitrolife”), The enterprise value amounts to EUR 1.25 billion and will be funded in a mix of upfront cash and newly issued shares directed to EQT and the partnering minority shareholders. As part of the transaction, Igenomix’s key shareholders will retain a minority shareholder stake in Vitrolife representing 7 percent.
Founded in 2011 as a spin-off from IVI Group, Igenomix is a leading global provider of molecular genetic testing diagnosis for IVF and rare diseases, assisting approximately 90,000 patients per year through a diversified portfolio of testing services. The Company is globally recognized for its R&D expertise, led by Dr. Carlos Simón and under the leadership of CEO, David Jiménez. Igenomix employs approximately 560 people and is headquartered in Valencia, Spain, with additional laboratories in 21 countries.
EQT Private Equity acquired a majority stake in Igenomix in 2019, alongside Charme Capital Partners, Igenomix’s founder, and management. Together with the management team, EQT supported Igenomix in its mission to provide personalized genetic information to improve clinical practices in infertility, women’s health and rare diseases. With science at its core, Igenomix has a patient-oriented approach and works to deliver high-quality genetic testing services at affordable prices.
Under EQT Private Equity’s ownership, Igenomix has strengthened the organization in particular through the improvement of digital go-to-market and sales capabilities. Additionally, the Company has made substantial investments into product portfolio and R&D, launching non-invasive Pre-implantation Genetic Testing (PGT), a Covid-19 test as well as a new business line, Genetic Precision Diagnostics (GDPx) testing for rare diseases. Igenomix has also continued to consolidate its international presence, including expanding to, among others, China, Chile, Peru, Russia, Saudi Arabia and Taiwan and currently serves over 3,000 clinics across 80 countries.
David Jimenez, CEO of Igenomix, commented, “Igenomix has been on a fantastic journey with EQT and Charme Capital Partners as owners. We are excited to embark on a new journey together with Vitrolife which will help us to further improve delivery of our mission to provide personalized genetic information to patients globally and further improve clinical practices in infertility, women’s health and rare diseases”.
Vesa Koskinen, Partner within EQT Private Equity Advisory Team, commented, “We are grateful to have worked alongside Igenomix’ highly entrepreneurial and innovative management team and employees who have created a true world market leader within molecular genetic diagnostics for reproductive medicine. Igenomix and Vitrolife share the same vision of helping IVF patients to achieve their dream of having a healthy baby at home and we look very much forward to support Vitrolife in the creation of a global leader in reproductive health”.
Carlos Santana, Partner and Head of the EQT Private Equity Advisory Team in Spain, added, “This transaction marks the first exit for EQT Private Equity in Spain after having formally entered the country in 2018 with this strategy. Igenomix is a great example of how EQT Private Equity’s value-add approach can support Spanish companies in becoming global market leaders”.
The transaction is subject to customary conditions, including receipt of applicable regulatory approvals and is expected to close in H2 2021. It is the intention that Vesa Koskinen, Partner within EQT Private Equity’s Advisory Team, will join Vitrolife’s board of directors.
J.P. Morgan and Morgan Stanley acted as financial co-advisors to Igenomix, Allen & Overy and White & Case provided legal counsel and Freshfields acted as tax structuring advisor.