Anlässlich der angekündigten Übernahme der britischen Expedeon Ltd. durch die SYGNIS AG hat der GBC-Analyst Cosmin Filker mit dem CEO der SYGNIS AG, Pilar de la Huerta, über die Hintergründe der Transaktion sowie über die daraus erwarteten Effekte gesprochen.
GBC AG: Mrs. de la Huerta, Expedeon Ltd. is a spin-out of Cambridge University. Could you elaborate on the background about the company?
Pilar de la Huerta: Expedeon is a UK company that develops and commercializes tools and reagents for the proteomic market (scientist that research in proteins). It started as a Cambridge University spin-out, founded in 2003 by Heikki Lanckriet, the current CEO, and Daniel Jones, currently Expedeon COO. The Company started with their commercialization strategy in 2007, and since then, they have grown the company, maintaining an excellent EBITDA-margin of 13%, and creating their own sales force in the main markets. Expedeon then acquired PageGel Inc in 2009, which established a base in San Diego, California and enables better penetration in the vast US market. In 2011 the company acquired the protein fractionation technology from Protein Discovery, a Tennessee based company. In 2013 the company expanded eastwards with the opening of a sales office in Singapore, to better serve the emerging markets. In addition to direct sales through its sales forces and the distribution network the company also has several OEM agreements in place with key suppliers in the market. Most notably they have strong partnership with a tier 1 global supplier of life science reagents for supply of precast gels and more recently, in December 2015, another OEM agreement was signed with the Chinese market leader in gel documentation systems, (systems used to photograph and analyze the gels Expedeon manufactures).
GBC AG: With the acquisition of Expedeon Ltd. the product range of SYGNIS AG will be expanded by the field of proteomics, which is a new business sector for SYGNIS AG. How are the two business sectors related?
Pilar de la Huerta: Well, Sygnis products are targeting the "genetic" market and Expedeon products are targeting the "proteomic" market. Both markets are the two main markets of the molecular biology, and, covering both, we will cover all users in the molecular biology environment. Our product ranges are completely complementary; they don't have any overlap. We have a perfect vertical integration, for many applications. From a workflow point of view, Expedeon products sit just downstream from the Sygnis products. For this reason, the synergies between the two companies, from a product point of view, are perfect.
GBC AG: What are the key fields of application for the products of Expedeon Ltd. and who are the primary customers of the company?
Pilar de la Huerta: Expedeon's products are mainly targeted towards separation, purification and analysis of proteins, the end product of DNA. Electrophoresis, which means separating proteins in an electric field, is a key application area where Expedeon has world leading knowledge, technology, expertise and products. This is a technique used routinely in every life science laboratory with huge market potential, currently in excess of $ 1.4bn per annum but also has clinical applications and is for instance used for the evaluation of the kidney function and monitor for protein content in urine. Expedeon sells its products to a variety of customers. Life Sciences researchers in academic institutes, pharma companies, CRO and biotech companies are the main customers for the company. They have a very loyal customer base that will be targeted by Sygnis products.
GBC AG: Expedeon Ltd. has numerous sales channels and an excellent standing in the USA. What does the new access to the USA, UK, and Asia mean for SYGNIS AG?
Pilar de la Huerta: This is a fantastic opportunity for us to enter our products more directly in these main markets. Up to now, we don't have any direct salesforce. All our sales are done through distributors and online shop. But our products are based on a new technology and, whenever you introduce a new technology in the reagent environment, the direct relation and support between the customers and the company is a key factor. We don't have the possibility of having this direct contact and support and this is the main weakness of our company at this moment. To invest money in creating our own sales force to cover the main markets (EU, USA and Asia) is too expensive and not so efficient, unless you have a huge portfolio, which is not our case. Expedeon sales force is the way to acquire a profitable sales force, very well positioned, with a high level of performance, to enter our products very strongly in the key markets for our company. They have the experience to promote and allocate our portfolio in the main markets ...
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