Nordic Capital to divest Dynal Biotech to Invitrogen

Nordic Capital has signed a definitive agreement regarding the divestment of the shares of Norwegian biotech separation technology company Dynal Biotech. The buyer is US-based biotech tools company Invitrogen.

Press release, February 8, 2005 Nordic Capital acquired 75 percent of Dynal Biotech in October 2001, with the Swedish private equity company Ratos as a co-investor. Since 2001, the company has had a positive development and strategically reinforced its position as a leading supplier of systems for biomagnetic separation in life science applications. Moreover, Dynal has acquired two companies based in the United States and China, strengthening its product range, industry expertise and customer base. Under Nordic Capital’s ownership revenues have climbed 45 percent to about NOK 600 million with very good margins. Dynal Biotech employs 410 people worldwide of which 170 in Norway. “Dynal Biotech has grown and further strengthened its position as a leader in biomagnetic separation technology and tissue typing kits for organ transplantation. It has been a privilege to support the company and the management during these years” says Toni Weitzberg, Partner, Nordic Capital. “The new ownership offers clear possibilities for this company to grow and develop the business further.” “The management and I have had very good support from the owners in developing our business into a strong biotech company,” says Jon Hindar, President and CEO of Dynal Biotech. “Becoming a part of Invitrogen is an important strategic next step that will open new possibilities for both the company and the employees as well as strengthen our position on the competitive biotech market.” “Dynal Biotech provides us with an extremely competent organization and an attractive premier technology platform that when combined with many of our leading biomedical research products will create breakthrough innovations,” explains Invitrogen’s Chairman and CEO, Greg Lucier. “The major product enhancements made possible by the use of Dynal Biotech’s Dynabead® system will further our mission of accelerating disease research and drug discovery, as well as our initiative to provide cutting edge tools to diagnostic companies worldwide.” Dynal Biotech is a world leader in the research, development and manufacture of magnetic and non-magnetic micro particles. Applications for the company's products include the separation of biological material such as cells, DNA, micro organisms and proteins. Invitrogen is a global biotech tools company whose research-related products and services support academic and government research institutions and pharmaceutical and biotech companies. The company, which is listed on NASDAQ has some 4,000 employees and operates in more than 70 countries worldwide. For further information: Toni Weitzberg, Partner, Nordic Capital Tel: +46 8 440 50 50 Jon Hindar, CEO, Dynal Biotech Tel: +47 97 74 88 29 Adam Taich Invitrogen Tel: +1 760 603 7208 Nordic Capital is a leading private equity firm focusing on investments in the Nordic middle-market arena. The firm has a strong investment track record, an extensive network of contacts and firsthand knowledge of local industries and business practices. Since its inception in 1989, Nordic Capital has invested in more than 50 Nordic-based companies operating in a range of segments and sectors. Nordic Capital’s proven investment strategy creates value by actively implementing key value drivers, such as new industrial combinations, strategic repositioning and internationalization. A range of leading Nordic and international institutions are invested in Nordic Capital funds. www.nordiccapital.com Dynal Biotech is the world leader in biomagnetic separation techniques for isolation and manipulation of biological material, including cells, nucleic acids, proteins and pathogenic micro-organisms. The company has its head offices in Oslo, Norway, and has R&D and manufacturing facilities in Norway, U.K., China and US. Dynal Biotech also has sales subsidiaries in Germany, France, Australia and Japan. www.dynalbiotech.com