SSI Diagnostica Group (SSID) has announced that it has finalized its acquisition of Blacksburg-based TechLab, a leading biotech developer and manufacturer. TechLab has a long history in the Roanoke-area as it was founded at Virginia Tech in the 1970s and its facilities continue to be a major employer in Blacksburg.
The acquisition is anticipated to generate sales of approximately USD $160 million bringing a range of new business and employment opportunities to the greater Roanoke economy as the company plans to expand operations in Virginia.
SSI Diagnostica Group (SSID), a global in-vitro diagnostics company backed by Adelis Equity Partners, has experienced significant growth in recent years based on its ability for new product innovation, expansion into international markets and strategic acquisitions. SSID’s latest transformational acquisition is the Virginia-based firm TechLab, Inc., a leading developer and manufacturer of rapid infectious disease tests for gastrointestinal and enteric diseases. By joining forces with TechLab, SSID is broadening its infectious disease product offering and laying the foundation for accelerated growth in the US.
The importance of rapid and accurate diagnostics has become clear to everyone during the last two years. Healthcare systems have had to adapt, to handle challenges such as ageing demographics in developed countries, and the need to raise care standards in emerging markets. Increased outpatient/community care, telehealth, and patient self-testing enabled by rapid diagnostics are among others important aspects of the solution to these challenges.
The combination of SSID and TechLab, two companies known for the quality of their products, creates a diagnostics company uniquely positioned to support and benefit from these tailwinds. This is achieved by broadening SSID’s diagnostic test areas beyond respiratory and tropical diseases to also include gastrointestinal and enteric diseases. Furthermore, the combined group will have access to a truly global manufacturing and commercial footprint from which it can serve its customers and ultimately, patients.
“TechLab, CTK and SSI Diagnostica all come from a strong history of R&D excellence, enabling them to become leaders within their respective diagnostic fields. By joining forces, we strengthen our position within infectious disease testing and add unique commercial and manufacturing competencies globally, including on the important US market. Today, the SSID group helps close to 80 million patients every year with diagnostic testing solutions. The joint group will be able to help countless more,” says Søren Skjold Mogensen, CEO, SSI Diagnostica Group.
The new SSI Diagnostica Group:
- Experts in rapid infectious disease diagnostics (respiratory, gastrointestinal, tropical, etc.)
- Global presence with a strong US commercial platform, besides a strong presence in Europe, South America and Southeast Asia
- Global manufacturing footprint, including the US, Denmark and China
- Capital available for significant further acquisitions
- Combined sales of USD 160 million
- Approximate revenue of TechLab is USD 50 million (this year)
