Schoenherr Vienna and Swedish law firm Delphi have advised AddLife AB on the acquisition of Austrian life sciences company Biomedica Medizinprodukte GmbH. The sellers of Biomedica were advised by PHH Attorneys at Law.
According to the agreement signed on November 26, 2018, the total purchase price for the acquisition of Biomedica is approximately EUR 39 million, 75% of which is paid in cash through existing credit facilities and 25% through newly issued Class B shares in AddLife. Schoenherr reports that the acquisition is conditional on approval of the issue in kind by the AddLife Extraordinary General Meeting. The acquisition is expected to be completed in December 2018.
The AddLife Board of Directors also decided on a new share issue with preferential rights for the company's existing shareholders to raise about SEK 500 million, with subsequent approval at the Extraordinary General Meeting.
AddLife is an independent player in the Life Science industry with about 30 operating subsidiaries. The company's shares are listed on NASDAQ Stockholm. Through the acquisition of Biomedica, AddLife is expanding beyond the Nordic region to cover Central and Eastern Europe.
Biomedica, headquartered in Austria, is the parent company of a group with operations in 13 countries, including Austria, the Czech Republic, Poland, Hungary, and Slovakia. Similarly to AddLife, Biomedica is primarily active in laboratory technology and medical technology. According to Schoenherr's press release, Biomedica will remain as a group, but future earnings will be reported proportionally in AddLife’s two business areas, Labtech and Medtech.
The Schoenherr team consisted of Partner Christian Herbst, Counsel Maximilian Lang, Attorney at Law Teresa Waidmann, and Associate Marco Thorbauer and additional attorneys throughout Schoenherr's CEE offices.
Editor's Note: After this article was published, PHH informed CEE Legal Matters that PHH Partner Rainer Kaspa led the firm's team on the deal, supported by Partner Nicolaus Mels-Colloredo and Associate Leopold Opferkuch. According to PHH, the firm also relied on Stockholm's Torngren Magnell law firm for advice on Swedish law.