Mico BioMed Acquires US Nasdaq-Listed Company 'Trinity Biotech'

Expanding Portfolio and Diversifying Distribution Channels

[Asia Economy Reporter Lee Gwan-joo] MiCo BioMed announced on the 28th that it will acquire a 20.8% stake in the special purpose company (SPC) 'MiCo IVD Holdings' for 12.5 billion KRW.

MiCo IVD Holdings is a special purpose company established with a 20.8% stake from MiCo BioMed and 79.2% from its parent company MiCo. It will acquire a 29.9% stake in Nasdaq-listed Trinity Biotech and convertible bonds worth approximately 25 billion KRW as a strategic investment (SI). The funding for MiCo BioMed’s capital procurement comes from internally secured resources.

Trinity Biotech, whose shares are being acquired through MiCo IVD Holdings, is a Nasdaq-listed in vitro diagnostics company headquartered in Ireland, established in 1992. It holds over 120 FDA-approved diagnostic products. As of last year, it recorded sales of about 116 billion KRW and has strengths in diagnosing diabetes, HIV, and autoimmune diseases. In February, it obtained WHO approval for its rapid HIV diagnostic kit, aiming to increase sales in the African region. As of the end of last year, more than 70% of Trinity Biotech’s sales were from the North American market.

MiCo BioMed expects definite synergies from this M&A in terms of ▲expanding the new product portfolio ▲diversifying distribution channels ▲and advancing R&D. Specifically, it plans to expand its product portfolio by white-labeling (where the manufacturer is separate but the distributing and selling company brands the product as its own) Trinity Biotech’s products, which have strengths in various disease diagnostic fields.

Additionally, MiCo BioMed plans to strategically supply its molecular diagnostic products by utilizing the distribution channels in the U.S. market that Trinity Biotech has built over the past 30 years. MiCo BioMed has developed and holds various molecular diagnostic kits for respiratory infectious diseases including COVID-19, mosquito-borne infectious diseases such as malaria and dengue fever, and foodborne illnesses.

A company official stated, “Although MiCo BioMed and Trinity Biotech are both in vitro diagnostic companies, their main diagnostic fields differ, so mutual complementarity and synergy can be expected,” adding, “Through cooperation with a company that has a global sales network and competitive products approved by the FDA and WHO, we will secure new growth engines in the post-COVID era.”

This content was produced with the assistance of AI translation services.