Advanced BioMatrix, a San Diego company focused on 3D research applications, was acquired by BICO for approximately $15 million on a cash and debt-free basis, according to the Aug. 27 announcement. The sellers may also receive a maximum additional earn-out of $3 million based on milestones over a three-year period.
Founded in 2008, Advanced BioMatrix has built a portfolio of collagen bioinks, high purity extracellular matrix proteins, chemically modified proteins and polysaccharides, and other reagents and cell assays, that are sold to research institutions, and pharmaceutical and biotech companies.
For instance, its products are used in advanced research in the development of new drugs or 3D bioprinted tissue models.
“Advanced BioMatrix is ready for the next step in our growth and together with the BICO Group, we are ready to deliver the market’s leading product portfolio of bioinks and reagents to our customers,” said David Bagley, president of Advanced BioMatrix. “We look forward to getting to know new colleagues, collaborators, and customers. We are excited to explore the potential that exists regarding synergies and sales opportunities within the Group.”
This is the sixth acquisition this year for BICO, formerly known as Cellink. A couple of months ago, the multibillion-dollar unicorn acquired Discover Echo, a local start-up that develops high-tech microscopes, for $110 million.
“Together with Advanced BioMatrix, we create the market’s leading offering in bioinks and reagents,” said Erik Gatenholm, CEO of BICO. “This means that we further strengthen our position in the area, and we can continue to develop innovative consumables that our customers benefit from throughout their customer journey. Combining technical expertise between the BICO Group and Advanced BioMatrix also enables faster development of innovative biomaterials for various bioprinting applications. Together, we will develop and offer innovative products that over time will lead to us being able to together solve the major health challenges we face.”
After the transaction closes, Advanced BioMatrix will remain a subsidiary of CELLINK Bioprinting and become part of the Bioprinting business area.