Bird & Bird has been advising California based Gen-Probe Incorporated on their acquisition of UK biotech company, Molecular Light Technology Limited (MLT Ltd). Gen-Probe has now acquired approximately 83% of MLT Ltd with options to acquire the remaining 17% over the next five years. The acquisition has valued MLT at $11 million.
The acquisition will help Nasdaq quoted Gen-Probe to enter the European market. Headquartered in San Diego, California, and specialising in hi-tech disease diagnostic technology, the company does not currently have a base outside the USA. Specialising in disease and environmental pollutant detection technology, UK based MLT Ltd, will provide a base for Gen-Probe in Europe while opening the door to industrial testing markets.
Bird & Bird advised on all UK corporate aspects of the acquisition. The team was led by corporate partner Matt Dennis with assistance from Mark Cummings. Charlotte Forrester from the firm’s life sciences department was also involved.
Commenting Matt Dennis added:
“This is the first time we have worked for Gen-Probe and as such we were very pleased to be involved in their move to Europe.”
For more information, please contact Matt Dennis on +44 (0) 20 7415 6000 or Larry Cattle, Director of Marketing, on +44 (0) 20 7415 6156.