Tue, 25 Jun 2024 | BUSINESS SALE
OLM Diagnostics, a Newcastle-based company that develops diagnostic tests for the healthcare sector, has been acquired by US manufacturer and distributor IMMY. OLM Diagnostics, which was founded in 2014, has developed fungal diagnostics products that are able to reduce the rate of drug resistant infections.
Oklahoma-based IMMY said that the acquisition of OLM’s “cutting-edge molecular diagnostics portfolio” would enhance the company’s “vision and portfolio” and improve its offering to customers and partners.
Gen McGonnell, Managing Director and founder of OLM, commented: “In our ten-year journey, OLM's focus on diagnostic innovation for fungal infections, fueled by collaboration and a strong team ethic, has set us apart. Joining IMMY marks an exciting new chapter.”
“We are thrilled to leverage IMMY’s additional resources and capabilities to enhance our product portfolio and expand our molecular diagnostics range in this field. This merger creates a comprehensive portfolio, empowering us to better serve patients in this often-overlooked area.”
IMMY CEO Sean Bauman said that the deal not only expands the company’s product portfolio, but would also strengthen its “commitment to empowering laboratorians and clinicians with cutting-edge tools for precise identification of fungal disease.”
The deal was advised on by Sintons, with partner Emma Pern leading the transaction along with solicitor Leigh Garbutt. Ged McGonnell said that OLM had worked with Sintons on its commercial requirements for several years. adding: "When we made the decision to sell the business, we set about working with Emma and her team. Their attention to detail was outstanding, coupled with their ability to explain things in a simple way which helped and reassured us immensely."
Read more about what's driving M&A activity in the UK's fast-moving medical technology sector
Discover what's attracting overseas buyers to UK company acquisitions
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