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16 August 2022

Meridian to merge with SD Biosensor and SJL Partners

by Katie Pfaff

Meridian Bioscience, Inc., and SD Biosensor, Inc., will merge with SJL Partners LLC. As part of the deal, SD Biosensor and SJL Partners will combine to create “the Consortium” and purchase Meridian.

“We are pleased to be a family with Meridian Bioscience as a great partner for accelerating our entry into the US IVD market,” said Dr. Young Shik Cho, chairman of SDB and representative of the Consortium. “I believe that SD Biosensor's R&D capabilities and mass production know-how, Meridian Bioscience's U.S. distribution network and expertise in the regulated U.S. market, and SJL Partners' strong management expertise will enable compelling synergies."

The sale of Meridian, a diagnostic testing solution and life sciences materials company, is slated to be an all-cash purchase of about $1.53 billion. Shareholders are expected to receive $34 cash per share, marking a 32% premium over the price of the stock at closing the day before the Consortium’s offer (March 17, 2022 when Meridian stock was priced at $25.67). The stock price is also 16% premium to the 1 month (starting June 7, 2022) average price of common stock.

"This announcement follows an extensive and deliberate review of Meridian's growth and value creation opportunities in the context of the broader macroeconomic and industry environment,” said John C. McIlwraith, chairman of Meridian. “In consultation with external financial advisors and following outreach to potential strategic and financial partners, the Board unanimously agreed that this transaction represents the best path forward for Meridian shareholders, providing them with immediate, compelling and certain value, while enabling the company to benefit from SDB's and SJL's capital support, expertise and experience."

The transaction is expected to close in the fourth quarter of 2022. At that time, it is anticipated SDB will own about 60% and SJL about 40% of Meridian.

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Meridian to merge with SD Biosensor and SJL Partners

by Katie Pfaff

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