Magellan Diagnostics, Inc.
Sale of Company
Meridian Bioscience, Inc.
|Date Announced:||March 2016|
Magellan Diagnostics, Inc, headquartered in Billerica, MA pioneered the engineering, development and manufacturing of FDA-cleared products for the testing of blood to diagnose lead poisoning in children and adults.
Convergence was engaged by Magellan and its financial sponsors, to pursue a sale of the Company. Convergence worked actively with Chairman Peter Glick and CEO Amy Winslow to craft a strategic marketing plan for the company that leveraged Magellan’s historical performance as a market leader in Lead exposure testing while valuing the opportunity created by Magellan’s next generation diagnostic testing platform to serve the pediatrician’s office setting. Convergence crafted a fully marketed auction but with a streamlined timeline that resulted in a successful transaction that lasted just 16 weeks from launch to close. The acquisition of Magellan serves to expand Meridian’s point of care diagnostic test menu and its reach into the pediatric point of care setting with Magellan’s large installed base reaching ~6,500 offices and clinics.