Medix Biochemica expands to biomaterials for IVD industry through acquisition of Lee Biosolutions
PRESS RELEASE 18.10.2019
- Medix Biochemica has signed a definitive agreement to acquire 100 per cent of the shares in Lee Biosolutions, a leading provider of a large variety of high-quality biomaterials for the in vitro diagnostics industry
- The acquisition expands Medix Biochemica’s leading portfolio of bioreagents as well as provides Medix Biochemica with a strong platform for further growth in the US market
- Burton Lee, the CEO and Chairman of Lee Biosolutions, will step down from daily operations and become a Senior Advisor and shareholder in Medix Biochemica
- President and COO Matthew Lee of Lee Biosolutions will continue to head the operations of Lee Biosolutions
- As a result of the transaction, the complementary product portfolios of Medix Biochemica and Lee Biosolutions will be available from a comprehensive global sales network
Medix Biochemica has signed a definitive agreement to acquire 100 percent of the shares of Lee Biosolutions to broaden its portfolio of critical raw materials for the in vitro diagnostics (“IVD”) industry and strengthen its local presence in the US market. Following the transaction, Lee Biosolutions will become a Center of Excellence focused on biomaterials for the IVD industry within Medix Biochemica’s group structure. President and COO of Lee Biosolutions, Matthew Lee, will head its operations and report to the CEO of Medix Biochemica. CEO and Chairman of the Board of Lee Biosolutions, Burton Lee, will continue as Senior Advisor over a transition period and become a shareholder in Medix Biochemica as part of the transaction.
Founded in 1975, Lee Biosolutions is a manufacturer of high-quality proteins, enzymes, antigens and biologicals used for quality controls and calibrators in the IVD industry. The company is known for its outstanding capabilities in protein purification and operational excellence in raw materials sourcing. Lee Biosolutions’ customers include most of the largest global in vitro diagnostics manufacturers as well as a number of pharmaceutical and medical device companies, research institutions and forensic laboratories. The company is headquartered in St. Louis, Missouri.
“We are excited about the partnership with Lee Biosolutions, which has gained a premium reputation as a provider of high-quality biomaterials for the IVD industry and achieved strong financial results. The complementary product offerings and regional presences of Lee Biosolutions and Medix Biochemica will enable us to serve our global customer base even better in the future”, says Ann-Christine Sundell, Chairman of the Board of Medix Biochemica.
“Lee Biosolutions has, under the leadership and ownership of Burton Lee, built an impressive product portfolio, strong customer base as well as committed and knowledgeable organization over the past decades. This partnership is a great first step in our pursuit to become the #1 choice for the IVD industry in critical raw materials“, says Teemu Alahuhta, Vice Chairman of the Board of Medix Biochemica and partner of DevCo Partners.
“I am very excited about the acquisition and working with an incredible group of Medix Biochemica and DevCo Partners. Together we have all the capabilities to become a juggernaut in the IVD raw materials industry”, says Burton Lee, CEO and Chairman of Lee Biosolutions.
About Medix Biochemica
Medix Biochemica is a leading Finnish biotechnology company focusing on high quality diagnostic raw materials and rapid tests for global diagnostic markets. We develop, produce and market antibodies, antigens and antibody services for the in vitro diagnostics (IVD) industry and serve the largest multinational IVD companies. Our MedixMAB™ antibodies are in use in billions of diagnostic tests all around the world to ensure accurate diagnostic results. Medix Biochemica’s products are used in over 60 countries with 90% of our sales coming from global markets. The company is headquartered in Espoo, Finland with local offices in the USA and China.
For more information:
Ann-Christine Sundell, Chairman of the Board of Medix Biochemica
Mobile: +358 40 536 7703