China-based Shenzhen Mindray Bio-Medical Electronics has agreed to acquire Finland-based diagnostic test material supplier HyTest for around $661m.
Based in Turku, HyTest is involved in the supply of raw materials used in tests for diseases such as Covid-19.
Since 1994, the company has been developing and supplying immunological reagents for in vitro diagnostic product (IVD) industry and research community.
At present, it offers products for various clinical and research areas, including reagents for troponin I immunoassays and certain infectious diseases.
Mindray was quoted by Reuters as saying: “Self-research and self-production of raw materials for testing reagents is an important guarantee of the reagents’ quality.
“Mindray’s current capacity falls behind the mainstream level of the industry. Through the acquisition, Mindray will … increase the proportion of core materials made in-house.”
HyTest’s product portfolio consists of monoclonal antibodies, antigens, polyclonal antibodies, sera and plasma.
The company offers monoclonal antibodies such as cardiac marker antibodies, blood coagulation and anaemia antibodies, metabolic syndrome antibodies, tumour marker antibodies, and neuroscience antibodies.
HyTest also provides antigens such as cardiac markers antigens, blood coagulation and anaemia antigens, metabolic syndrome antigens, kidney disease antigens, tumour marker antigens and neuroscience antigens.
In September 2018, Nordic private equity firm Summa Equity announced the acquisition of a majority stake in HyTest, which is based in Turku, Finland.
At the time of the acquisition, the Finnish company employed around 100 employees, with a presence across the globe, including US, Asia and Europe.
HyTest’s customer base included companies that supply IVD equipment, including many of the major players in the IVD market.
