The Cooper Companies Acquires Assets of Recombine for $85 Million
PLEASANTON, Calif., May 25, 2016 (GLOBE NEWSWIRE) — The Cooper Companies, Inc. (NYSE:COO) today announced that CooperSurgical has acquired the commercial assets of Recombine Inc., a clinical genetic testing company specializing in carrier screening. The transaction is valued at approximately $85 million and is expected to be neutral to earnings per share in fiscal 2016 and accretive thereafter, excluding one-time charges and deal-related amortization. As of April 30, 2016, Recombine had trailing twelve month revenues of approximately $20 million and is forecasted to grow double digits over the coming years.
Carrier screening is a type of genetic test performed on individuals to help predict their chances of having a child with a genetic disorder. Testing is ideally performed before pregnancy and is commonly ordered by a gynecologist/obstetrician or infertility specialist. Couples found to be carriers of the same disorder can then benefit from preimplantation genetic diagnosis (PGD) services with the goal of preventing passage of a genetic disorder to their baby.
Commenting on the transaction, Robert S. Weiss, Cooper’s president and chief executive officer said, “This acquisition is an exceptional fit for CooperSurgical as it adds the premier carrier screening test sold within the IVF marketplace to our existing IVF genetic testing platform. This deal is also a nice strategic fit within our complete portfolio as it supports our leading IVF products and allows leverage within our ObGyn sales force.”Read the full article on The Cooper Companies