Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
Männedorf, Switzerland, August 2 2021 – The Tecan Group (SIX Swiss Exchange: TECN) announced today that it has successfully completed the acquisition of US-based Paramit Corporation and its affiliates (“Paramit”) for a total purchase consideration of USD 1.0 billion (CHF 920 million). On June 23, 2021, Tecan entered into a definitive agreement to acquire Paramit.
Paramit, headquartered in Morgan Hill (CA), US, is a leading OEM developer and manufacturer of medical devices and life sciences instruments. With the addition of approximately USD 300 million in revenues (CHF 276 million) expected in 2022, the acquisition will further extend Tecan’s position in solutions for life sciences and in-vitro diagnostics (IVD). It will also add a new business vertical in the attractive and fast-growing market for medical devices. The acquisition will bring significant engineering as well as cost-competitive manufacturing capabilities, both in North America and in the APAC region. Equipped with proprietary computer-directed assembly technology, these facilities deliver ultra-flexible production planning, while reducing the potential for errors (“zero-defect manufacturing”).
From August 1, 2021, Paramit will be included in the consolidated financial statements of the Tecan Group as a part of the Partnering Business segment.
About Tecan
Tecan (www.tecan.com) is a leading global provider of laboratory instruments and solutions in biopharmaceuticals, forensics and clinical diagnostics. The company specializes in the development, production and distribution of automation solutions for laboratories in the life sciences sector. Its clients include pharmaceutical and biotechnology companies, university research departments, forensic and diagnostic laboratories. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments and components that are then distributed by partner companies. Founded in Switzerland in 1980, the company has manufacturing, research and development sites in both Europe and North America and maintains a sales and service network in 52 countries. In 2020, Tecan generated sales of CHF 731 million (USD 778 million; EUR 683 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN; ISIN CH0012100191).