Ares Life Sciences to acquire Albion Medical and its GREER Laboratories unit

Ares Life Sciences says it has signed a definitive agreement to acquire 100% of the share capital of Albion Medical Holdings, including its wholly owned subsidiary GREER Laboratories, a leader in allergy immunotherapy in the USA.

Closing of the transaction, financial terms of which were not disclosed, is subject to US regulatory approvals and certain closing conditions. Ares Life Sciences is a Geneva, Switzerland-based health care investment firm established by the Bertarelli family, which sold its biotechnology business Serono to Germany’s Merck KGaA for $13.5 billion in 2006.

"GREER has established itself as a leader in the US allergy immunotherapy field, with excellent market knowledge, an extensive distribution network and strong recognition amongst the medical community," commented Jacques Theurillat, chief executive of Ares Life Sciences. "GREER, with its consistent track record, profitable growth and significant future potential, fits well with our investment strategy. In addition, it reinforces our commitment to the allergy field," Mr Theurillat added. The firm’s portfolio currently includes investments in Esaote, Euromedic and Stallergenes.