Mesa Laboratories, (MLAB), a diversified supplier of quality control instruments and consumables to highly regulated markets announced the acquisition of Gyros Protein Technologies (GPT). GPT is headquartered in Uppsala, Sweden and is a provider of Immunoassay and Peptide Synthesis solutions that accelerate the discovery, development and manufacturing of biotherapeutics. The acquisition deepens our commitment to biopharmaceutical quality control and will be the core of our new platform, Biopharmaceutical Development. We acquired GPT from AP6 (Sixth Swedish National Pension Fund), Ampersand Capital Partners and various individual shareholders.
The acquisition price for GPT consisted of cash consideration of $180 million, subject to purchase price adjustments. The acquisition is expected to add between $37 million to $40 million of revenues during the first 12 months (of which approximately 55% is recurring in nature), deliver double digit organic revenues growth over the next several years and excluding the impact of purchase accounting, generate gross profit margin percentages in the mid to high 60’s. Additionally, excluding the impact of purchase accounting and integration expenses, we expect adjusted operating income as a percentage of revenues to be in the mid-teens for the first 12 months. Revenues for the remaining five months of FY20 are expected to be $13 million-$15 million.
“GPT brings an innovative approach to protein analytics in biopharmaceutical quality control and process development. The Gyrolab immunoassay solution is a proven, microfluidic driven platform that increases repeatability and throughput while minimizing sample size and manual handling. The company also provides a peptide synthesis platform delivering the highest quality peptides in particular, for the longer and more complicated sequences that are of vital interest to many applications, including that of therapeutic peptides and neoantigen therapies. We believe that The Mesa Way approach to continuous improvement will help the GPT team to continue to rapidly scale both commercially and operationally” said Gary Owens, President and Chief Executive Officer of Mesa.
Dan Calvo, President of GPT, added “We are proud of the track record we have improving the processes for developing biotherapeutics. Superior technology backed by deep customer intimacy has been the foundation of our success and we felt the same spirit of innovation at Mesa. We look forward to working with the Mesa team to expand the applications we deliver and deepening our level of customer support.”
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