Vitrolife has acquired all the shares in HertArt ApS
In 2010 Vitrolife entered into a collaboration agreement with the Danish company HertArt ApS with the aim of developing a new range of disposable plastic products for IVF called Labware. Vitrolife acquired 25 percent of the shares in HertArt as part of the collaboration agreement. Vitrolife has now exercised an option to acquire all the shares in the company.
In 2010 Vitrolife entered into a collaboration agreement with the then newly formed Danish company HertArt to develop a new range of disposable plastic products for IVF called Labware. Since then HertArt has developed and registered a portfolio of products for IVF such as cultivation dishes, test tubes and pipettes. Vitrolife plans to launch the product range in 2013.
HertArt ApS is registered in Greve, Denmark. In 2012 the company had sales of approximately DKK 1 million and these sales consisted of invoicing to the Vitrolife Group. In 2010 Vitrolife acquired 25 percent of the shares in HertArt as part of the collaboration agreement. On April 1, 2013 Vitrolife exercised an option to acquire all the shares in the company. The acquisition was made as Vitrolife assesses that it is possible to run HertArt more efficiently as a wholly owned subsidiary.
The purchase sum amounted to DKK 2 million and may be increased to DKK 3 million if certain defined sales objectives are achieved. The initial purchase sum of DKK 2 million is to be paid in cash and financed from Vitrolife’s cash in hand. It is estimated that the acquisition will only entail a marginal impact on Vitrolife’s earnings per share for 2013.
Gothenburg, April 2, 2013
VITROLIFE AB (publ)
Thomas Axelsson, CEO
Queries should be addressed to:
Thomas Axelsson, CEO, tel 46 31 721 80 01
Mikael Engblom, CFO, tel 46 31 721 80 14
Vitrolife is required to publish the information in this press release in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on April 2, 2013 at 09:00 a.m.
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.
Vitrolife is a global medical device Group. Vitrolife Fertility product area develops, produces and markets products for the treatment of human infertility. Work is also carried out to enable the use and handling of stem cells for therapeutic purposes
Vitrolife has approximately 230 employees and the company's products are sold in about 100 markets. The company is headquartered in Gothenburg, Sweden, and there are also offices in USA, Australia, France, Italy, United Kingdom, China, Japan and Hungary. The Vitrolife share is listed on NASDAQ OMX Stockholm, Small Cap.
Vitrolife AB (publ), Box 9080, SE-400 92 Göteborg, Sweden. Corporate identity number 556354-3452. Tel: 46 31 721 80 00. Fax: 46 31 721 80 99. E-mail: email@example.com. Website: www.vitrolife.com/