NEW YORK (GenomeWeb News) — Lab products maker Sartorius will buy a “substantial stake” in French company Stedim, which it plans to combine with its biotechnology division, Sartorius said last week.
Stedim makes disposable bag and door systems for biopharmaceutical use, and it owns a freeze-thaw technology, Sartorius said.
The new division would be called Sartorius Stedim Biotech, and would include seven board members from Sartorius and three from Stedim.
Under the deal, Stedim shareholders will receive either €43 ($57) cash per share or the option on a warrant that would mature in 2 years for the difference between the capitalized offer of €47.50 and the average 30-day trading price of the new trading stock over the reference period. Each warrant would not exceed €20 per share.
Stedim founders and shareholders will keep “a significant shareholding, although Sartorius will be the majority shareholder, Sartorius said.
Stedim has operations in France, the US, and in Tunisia, and had revenues in 2006 of €91 million.
Sartorius, which is based in Goettingen, Germany, has two divisions: biotechnology, which focuses on filtration and separation products as well as fermenters and bioreactors; and mechatronics, which manufactures equipment featuring weighing, measurement and automation technology for laboratory and industrial applications. The company had 2006 revenues of €521 million.
Sartorius said it expects the new Biotech division to have sales of €400 million to €420 million.