Eye disease specialist Ellex Medical Lasers Limited (ASX:ELX) has executed a binding Share Sale and Purchase Agreement (SPA) for the sale of the Ellex Lasers & Ultrasound business for $100 million in cash to Frances Lumibird Group SA.
Lumibird is headquartered in Lannion, France and is one of the world’s leading specialists in lasers, with more than 500 employees globally and over €100 million in revenues in 2018. Listed on the Euronext Paris Exchange, Lumibird has a market capitalisation of approximately €230 million. In ophthalmology, Lumibird lasers and ultrasounds are sold under the Quantel Medical brand and in 2018 delivered revenues of €34 million. Quantel Medical has an installed base of over 30,000 lasers, over 140 employees and a presence in over 110 countries globally.
Maria Maieli, CEO of Ellex Medical Lasers said the proposed transaction specifically excludes the Ellex 2RT.and Ellex iTrack business segments.
“The proposed sale of the Ellex Lasers & Ultrasound business to Lumibird, which includes our state-of-the-art manufacturing facilities in Adelaide, Australia highlights the value of our brand, the dedication of our employees, the strategic importance of our global sales and distribution network, and the many doctors and patients we serve,” Ms Maieli said.
“Lumibird will make an excellent strategic fit for Ellex’s market leading range of lasers and ultrasound to treat a range of important eye diseases.”
The new Ellex, which will be subject to a change in name post-transaction completion, will focus on the rapidly growing glaucoma surgery device market with its core iTrack franchise.
“To truly create a difference in the lives of as many people afflicted by laser treatable blindness as possible, it is vital for companies such as QM and Ellex to come together in order to reach a critical mass and make the most of their respective strengths; be that in diagnostic devices such as ultrasound or in treatments based on laser products,” Marc Le Flohic, Chairman and CEO of Lumibird said.