BioConnect AG advised on successful sale of pes diagnose systeme GmbH to DiaSys Diagnostic Systems GmbH
Frankfurt, August 2007
BioConnect AG and CFP-Midcap acted as joint financial advisor to the insolvency administrator Rainer Bähr of pes diagnose systeme GmbH (pes), Leipzig, concerning the sale of pes to DiaSys Diagnostic Systems GmbH.
In 2006, pes filed voluntarily for preliminary Insolvency Protection. In the course of the insolvency, the Company was put up for sale. BioConnect AG and CFP Midcap arranged a stringent sales process by approaching potential strategic partners in the diagnostics industry on a global basis. In July 2007, pes was acquired by DiaSys Diagnostic Systems GmbH under the German Insolvency Plan Procedure, with continued operations in Leipzig.
The acquisition of pes’ diagnostic platform technology provides DiaSys Diagnostic Systems GmbH with substantial immediate, mid-term and long-term benefits, including
• a technology platform that include a new hardware device and consumables
• a next generation diagnostic tool that include portable detection devices and biomarkers associated with special medical indications
• additional sales opportunities from pes products beginning 2009
In conclusion, the transaction will strengthen the purchaser’s competitive position in the diagnostics industry. Moreover, the continuation of operations in Leipzig will preserve employment of the large majority of pes personnel.
Once again, BioConnect AG has demonstrated its ability to offer professional and success-oriented advice in a difficult transaction environment.
BioConnect, a member of Corporate Finance Partners Group based in Frankfurt/ Germany, acted as adviser to pes diagnosesysteme in this transaction.