By John Meyer, finance consultant. Eurasia Business News – November 18, 2021
French BIOSYNEX, advised by Natixis Partners Debt Advisory and the Paris-based law firm de Gaulle Fleurance & Associés, announced the signing on November 15 of a syndicated loan of up € 109 million arranged by a group of French banks.
Thanks to this resource, Biosynex intends to finance the general needs of the Group as well as the pursuit of external growth operations with the ambition of becoming the European leader in the field of POC (“Point Of Care”) rapid diagnostics.
French Banks which take part in the funding operation are : Banque CIC Est, Banque Postale, LCL, Banque Kolb and Banque Populaire Alsace Lorraine Champagne.
Biosynex will make its 2022 financial information publication schedule available to the financial community on its website by the end of the year.
Larry Abensur, CEO of Biosynex and his partners Thierry Paper and Thomas Lamy are winners of the “Entrepreneur prize” in the France’s East region.
With the Covid-19 pandemic, Biosynex saw in 2020 its turnover multiplied by four. It went from 35.2 million euros in 2019 to 154 million euros a year later (including 29% in the global market). An upward trend confirmed at the start of 2021 with half-yearly turnover already reaching 225 million euros.
Since the start of the pandemic, annual sales of its non-contact thermometers have increased from 80,000 units to more than one million last year.
As of March 2020, the laboratory has developed several types of tests to detect SARS-CoV-2: initially serological, then antigenic and PCR (rapid and large series).
Created in 2005 and based in Illkirch-Graffenstaden in Alsace, Eastern France, Biosynex is a major player in public health with 235 employees. The French laboratory designs, manufactures and distributes Rapid Diagnostic Tests (RDTs). In their professional version, they offer better medical care for patients thanks to the speed of their results and their ease of use. In their self-test version, they allow the general public to self-monitor various pathologies, thus ensuring better prevention and accelerating the demand for care. This business model launched in 2005 was right, as the coronavirus crisis outbroke in 2020. Biosynex had built the capacities to meet the challenge.
If the production of PCR tests is entirely carried out in Alsace, that of antigenic tests relies on an Asian logistics chain, created for a long time by the laboratory. But Larry Abensur wants to produce more in Illkirch-Graffenstaden to increase the rate of references from 13% in early 2020 which are manufactured there to 30% within three years.
Biosynex (FR0011005933 ALBIO) stock price was worth € 17.12 on Euronext on November 18, 2021 at closure time.
Who are the CEO and the partners of Biosynex ?
Larry Abensur, the CEO is a chemist with an MBA from Insead. He founded Biosynex SA, Dectra Pharm SAS and All Diag and has been the head of 9 different companies.
Thierry Paper is a pharmacist with a MBA from Ponts et Chaussées and Thomas Lamy is an agricultural engineer and MBA from HEC.
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