SINGAPORE, June 14, 2018 /PRNewswire/ — Esco Group to acquire AT Medical UAB, an Esco Ventures portfolio company, to accelerate development of the Esco life sciences ecosystem and delivery of innovative fertility technologies.
- Acquisition will bring together two companies committed to innovation as well as standardizing and automating IVF laboratory workflow and processes, enabling the world’s leading IVF centers to achieve better clinical outcomes and patient satisfaction.
- AT Medical UAB to be renamed as Esco Medical Technologies UAB and continue operations as a separate legal entity within Esco Group’s life science ecosystem.
Esco Group announced today that it has reached an agreement to acquire the remaining shares in AT Medical UAB, an Esco Ventures portfolio company. AT Medical UAB is the developer of innovative IVF medical devices whose products are currently distributed by Esco under the Esco Medical brand. The transaction is expected to close in June 2018.
“We are extremely excited to welcome AT Medical to the Esco family,” commented XQ Lin, Group President & CEO of Esco Group. “This strengthens our commitment to innovation within the fast-growing fertility technologies market, leveraging the Esco Group’s global network to accelerate product development and drive distribution. Furthermore, it is a successful example of Singaporean-European collaboration in the life sciences field.”
Thomas Pedersen, newly appointed as Esco Medical’s co-CEO, added “The partnership with Esco Ventures and Esco Group has been a very fruitful one, enabling us to deliver our innovative technologies, designed and made in Europe, to the global markets, impacting over 100,000 live births annually.”
Under the terms of the agreement, Esco Micro Pte Ltd, the primary operating entity of Esco Group, will make an undisclosed payment for the remaining shares in AT Medical UAB. The acquisition price represents a ~16X ROI multiple on the first investment Esco made into AT Medical UAB.
SORAINEN is serving as Esco Group’s legal counsel.
About AT Medical UAB
AT Medical was founded in 2011 by a group of professionals with vast experience in research, development, manufacturing and regulatory affairs, and is located in Kaunas, Lithuania. Since then the company has grown explosively. The first fully in house developed Class IIa medical device was launched on the EU market in 2012 and more have followed since. It has 51 employees.
About Esco Group
Esco Group’s vision is to invent, discover, and commercialise enabling technologies to make human lives healthier and safer. Esco Group is a Singapore-based life sciences ecosystem builder comprising over 30 companies, >1000 employees, with proprietary products and services sold in >100 countries. Esco Group’s operating businesses are in life sciences equipment, medical devices, bioprocess tools and services. Esco Ventures is the corporate venture investment arm of Esco Group and invests in life sciences startups globally. Esco Ventures X, the incubation arm of Esco Ventures, builds biotech startups on the basis of in-house inventions and academic technologies.