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Bico Group AB. (11/13/23). "Press Release: BICO Has Divested Ginolis through a Management Buy-out to Ginolis’ Current CEO Kauko Väinämö. The Purchase Price amounted to €1".

Organisations Organisation Bico Group AB (publ)
  Group Bico (Group)
  Organisation 2 Ginolis Ltd. (FI)
Products Product laboratory equipment and instruments
  Product 2 LIFE SCIENCES
  Index term 2 Ginolis–Cellink: investment, 202102–202103 acquisition 100% of Ginolis debt/cash-free for €65.7m with €41.6m in cash + €24.1m in shares
Persons Person Väinämö, Kauko (Ginolis 202311– CEO + Owner before CEO)
  Person 2 Gatenholm, Erik (Cellink 201908 CEO + Co-Founder RESIGNED as CEO of Bico 11/23)
     


BICO has divested Ginolis through a management buy-out to Ginolis’ current CEO Kauko Väinämö. The purchase price amounted to €1. The transaction is estimated to result in a divestment loss of SEK -25m, which is a non-cash item. Final divestment result will be reported and disclosed in the Q4 report.

IP-rights and licenses related to the patented PMBi dispensing pump has been carved out from the transaction and transferred to BICO. Ginolis House will also be carved-out from the transaction. Closing of Ginolis House is subject to establishment of a Finnish entity with real estate VAT registration at the Finnish tax authorities.

BICO is entitled to 70 percent of net proceeds if the company is sold within three years after closing.

The rationale behind the divestment is that the company has not transitioned fast enough to mitigate the post-pandemic downturn. Ginolis has been right sized during 2023, but order intake has not been restored according to expectations.

Information about the Ginolis divestment is also included in the BICO Q3 report which will be released tomorrow, Tuesday November 14, 2023, 07:00am CET and BICO management will also comment on the divestment in the Q3 Earnings call, which will take place later the same day at 10:00am CET.


For further information, please contact:

Erik Gatenholm, President & CEO, BICO Group AB
Telephone US: +1 (650) 515-5566
Telephone Sweden: +46 73 267 00 00
E-mail: eg@bico.com

Jacob Thordenberg, Chief Financial Officer, BICO Group AB
Phone: +46 73 534 88 84
E-mail: jt@bico.com


The information was submitted for publication, through the agency of the contact persons set out above, on November 13, 2023 at 07:00am CET.


About BICO

BICO is a leading provider of life science solutions and laboratory automation that enable more efficient development of new treatments with more specificity and less need for animal testing.

The company uses bioconvergence as its operating system, combining advanced technologies with biology to streamline and automate workflows within the pharmaceutical and biopharma industries.

With 32,000+ instruments installed in over 65 countries, BICO products and solutions are found in more than 3,500 laboratories, including the world’s top 20 pharmaceutical companies, and have been cited in over 11,000 publications.

Operating through three business areas – Bioprinting, Biosciences and Bioautomation – the BICO Group strives towards the long-term ambition of enabling the reduction of the world’s organ shortage and speeding up drug development to create the future of life-saving treatments.

BICO is listed on Mid-Cap, Nasdaq Stockholm under BICO. www.bico.com

   
Record changed: 2023-11-16

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