The Binding Site Corporation Limited, a Birmingham, UK-based specialist diagnostics company, has been acquired by Nordic Capital Fund VII from its founder, Jo Bradwell.
Following the transaction, whose amount remained undisclosed, Professor Bradwell will retain a small share of the company and remain on its Board as Chairman. The management, including CEO Charles de Rohan, and employees will continue to work with the company.
Binding Site specializes in the research, development, manufacture and sale of innovative medical diagnostic products focused on Multiple Myeloma and other B-Cell dyscrasias and Primary Immunodeficiency (PID). It provides clinicians and laboratory staff with the tools to improve diagnosis and management of patients across a range of B-cell cancers and immune system disorders.
The investment will support the company in increasing market penetration of the Freelite™ and Hevylite™ assays across its core markets and developing agreements with leading distributors in fast growing regions such as Asia. The company is currently developing a third assay, Combylite™, which may have applications in non-monoclonal diseases, including chronic kidney disease and liver disease. It will also continue to invest in new assays for use on its SPAPLUS analyser, which continues to grow its presence in laboratories worldwide.
Established in 1982, the Binding Site sells its products directly in the UK, USA, Canada, Germany, Austria, France, Spain, Italy, Czech Republic, Slovak Republic, Belgium, Netherlands and Luxembourg through its offices and in other in 90 countries through a network of over 70 distributors.
The company employs almost 500 people; 380 are based in Birmingham.