Nordic Capital Fund VII acquires the diagnostics company The Binding Site
14th April 2011
Nordic Capital Fund VII (“Nordic Capital”) has acquired The Binding Site Corporation Limited (“Binding Site” or “the Company”), a privately-owned specialist diagnostics company, from its founder, Jo Bradwell. The parties have agreed not to disclose the sales price. Professor Bradwell will retain a small share of the company, and remain on the Board.
Binding Site, based in Birmingham, UK, specialises in the research, development, manufacture and sale of innovative medical diagnostic products focused on Multiple Myeloma and other B-Cell dyscrasias and Primary Immunodeficiency (PID). With extensive expertise in antibody specificity technology, Binding Site gives clinicians and laboratory staff tools to improve diagnosis and management of patients across a range of B-cell cancers and immune system disorders.
Following the acquisition by Nordic Capital, Binding Site will continue to build on its position as the world’s leading supplier of IVD assays for identifying and monitoring B-Cell dyscrasias and PID. This includes increasing market penetration of the Freelite® and Hevylite® assays across its core markets and developing agreements with leading distributors in fast growing regions such as Asia. The Company is currently developing a third assay, Combylite, which recently presented studies suggest may have applications in non-monoclonal diseases, including chronic kidney disease and liver disease. It will also continue to invest in new assays for use on its SPAplus® analyser, which continues to grow its presence in laboratories worldwide.
The current management and employees of Binding Site will continue to take the lead in delivering Binding Site’s growth strategy.
Jo Bradwell, Chairmanand founder of Binding Site, said:
"With the help of a highly talented group of people here at Binding Site, as well as with our extensive links throughout the global medical community, we have built an excellent business. We have worked very hard to be the leaders in our chosen field, and in Nordic Capital I believe we have found a very supportive partner. I am highly confident that the Company will continue to develop and grow for long into the future.”
Charles de Rohan, Chief Executive Officer of Binding Site, said:
"Binding Site is a highly successful company built on first class, medically significant science which has developed world leading positions in important areas of diagnosis and disease monitoring. As we seek to continue our existing high levels of growth globally, we are fortunate to have found a partner of the calibre of Nordic Capital, which has a first rate record of investing in and supporting companies like ours. We are confident that with this financial and strategic support, all of us in Binding Site can continue to deliver breakthrough products for the diagnosis and monitoring of complex diseases.”
Kristoffer Melinder, Managing Partner NC Advisory AB, advisor to the Nordic Capital Funds, said:
“Nordic Capital has followed the development of Binding Site for some time and has been impressed by the performance of the Company and the strength of its product portfolio. With the strategic and financial support of Nordic Capital, Binding Site can further strengthen its position as the world’s leading supplier of IVD assays for identifying and monitoring B-Cell dyscrasias and PID.”