Nordic Capital Fund VII acquires the UK’s diagnostics firm Binding Site

Nordic Capital Fund VII has acquired The Binding Site Corporation Limited, a privately-owned specialist diagnostics company, from its founder, Jo Bradwell. The transaction price was not revealed.

Post the acquisition, Professor Bradwell will retain a small share of Binding Site, and remain on the Board. Binding Site, based in Birmingham, UK, specialises in the research, development, manufacture and sale of innovative medical diagnostic products focused on Multiple Myeloma and other B-Cell dyscrasias and Primary Immunodeficiency (PID).

Jo Bradwell, Chairman and founder of Binding Site, noted that with the help of a highly talented group of people at Binding Site, as well as the firm’s extensive links throughout the global medical community, Binding Site has built an excellent business.

Charles de Rohan, Chief Executive Officer of Binding Site, on his part noted that Binding Site is a highly successful company built on first class, medically significant science which has developed world leading positions in important areas of diagnosis and disease monitoring.

Rohan said that as the firm seeks to continue its existing high levels of growth globally, partnering with a firm of Nordic Capital’s calibre marks a major move in the right direction.
Rohan reiterated his confidence that with this financial and strategic support, Binding Site can continue to deliver breakthrough products for the diagnosis and monitoring of complex diseases.

With extensive expertise in antibody specificity technology, Binding Site gives clinicians and laboratory staff tools to improve diagnosis and management of patients across a range of B-cell cancers and immune system disorders.

The Nordic Capital investment will enable Binding Site continue to build on its position as the world’s leading supplier of IVD assays for identifying and monitoring B-Cell dyscrasias and PID. This includes increasing market penetration of the Freelite™ and Hevylite™ assays across its core markets and developing agreements with leading distributors in fast growing regions such as Asia.
 
The Company is currently developing a third assay, Combylite™, which recently presented studies suggest may have applications in non-monoclonal diseases, including chronic kidney disease and liver disease. It will also continue to invest in new assays for use on its SPAPLUS analyser, which continues to grow its presence in laboratories worldwide.

The current management and employees of Binding Site will continue to take the lead in delivering Binding Site’s growth strategy.

Binding Site is a Specialist Protein company committed to the research, development, manufacture and distribution of innovative immuno-diagnostic assays for the global laboratory market.

15th April 2011