Deals

BBI Solutions, a Portfolio Company of Novo Holdings, Acquired IBEX Technologies Inc. to Bolster Recombinant Protein Offering

Overview

BBI Solutions, a Portfolio Company of Novo Holdings, Acquired IBEX Technologies Inc. to Bolster Recombinant Protein Offering

Significance

Founded in 1987 and based in Montreal, IBEX Technologies Inc. (“IBEX”) is a leading developer and manufacturer of high-precision enzymes and diagnostic solutions, primarily for use in hemostasis testing devices. Their innovative enzyme technologies combined with their reputation in the In Vitro Diagnostics (IVD) industry made them the ideal partner for BBI Solutions (“BBI”) to bolster their already extensive portfolio of recombinant proteins. 

Haemostasis / coagulation testing is used to monitor the ability of a patient’s blood to clot appropriately, which can determine the risk of excessive bleeding or developing clots (thrombosis). Amongst the various types of coagulation tests available, viscoelastic devices have experienced significant growth in recent years given their ability to run multiple tests simultaneously and provide a full coagulation profile in point-of-care settings. 

Crosstree’s Role

Crosstree’s comprehensive knowledge of the Health Sciences Tools and In-Vitro Diagnostics (IVD) industry assisted BBI in identifying and qualifying the ideal acquisition target to expand its product offering and global footprint by: 

  • Working with BBI to refine their inorganic growth thesis, map and rank the relevant target universe, and interface with potential partners on their behalf 
  • Qualifying IBEX as a synergistic partner to enhance BBI’s recombinant portfolio and expand its North American footprint following thorough analysis of the target’s capabilities, financial profile and characteristics 
  • Assisting BBI in navigating the complexities of taking IBEX (a publicly traded Canadian company) private 

Sub-Sector

Diagnostics and Tools

Type

Merger and Acquisition

Deal Tags

Cross-border
Diagnostic Laboratory
International client or transaction