Scope Fluidics, listed on the Warsaw Stock Exchange (WSE), a life sciences company developing innovative technologies for the medical diagnostics and care market, has signed an agreement with Bio-Rad Laboratories. According to the agreement, in early November 2024, Bio-Rad Laboratories transferred $30 million to Scope Fluidics as the final settlement payment related to the acquisition of the special-purpose entity, Curiosity Diagnostics. This transaction finalizes the settlement, initiated when Scope Fluidics received $100 million from Bio-Rad Laboratories in August 2022, marking it as the largest transaction in the history of the Polish life sciences market. Following the agreement, the total value of the transaction reached $130 million.
“I am pleased with the agreement. Converting the staggered conditional payments into an earlier, lump-sum payment benefits both our shareholders and the strategic initiatives within the Scope Fluidics capital group. The $30 million we have secured will positively impact the implementation of our strategic projects and consequently contribute to the further growth of the group,” says Piotr Garstecki, CEO, co-founder, and significant shareholder of Scope Fluidics.
In 2022, Scope Fluidics sold its proprietary PCR|ONE system, designed for rapid genetic diagnostics of viruses and bacteria, to Bio-Rad Laboratories through the special-purpose company, Curiosity Diagnostics. In August 2022, Scope Fluidics received $100 million from Bio-Rad Laboratories as part of the transaction settlement. The parties also agreed to additional conditional payments spread over the years 2025-2027, totaling up to $70 million. These payments were contingent on Bio-Rad achieving certain developmental, regulatory and revenue targets, the achievement of which was entirely independent of Scope Fluidics. At the end of 2023, Bio-Rad Laboratories informed Scope Fluidics about modifications to the development plans for the PCR|ONE system. As a result of these modifications, Bio-Rad Laboratories saw the possibility of achieving only the first of the targets, for which, according to the transaction terms, Scope Fluidics would be entitled to a payment of $20 million, provided this target was met before June 30, 2025.
From the outset, we treated the receipt of conditional payments as laden with technological and business risks. The development of complex technological projects often leads to changes that are difficult to predict years in advance. Therefore, we did not consider them as a source of funding for our key projects: the BACTEROMIC system, which is undergoing IVDR certification, or EDOCERA. Thanks to the agreement, we will receive another payment from Bio-Rad for the sale of Curiosity Diagnostics, bringing the total amount received from the transaction to $130 million. This strengthens our position in the international market, as well as the growth potential of the Scope Fluidics group. We are proud of the Curiosity Diagnostics team for their exemplary performance and support Bio-Rad Laboratories in their dynamic development and introduction of the PCR|ONE system to the global medical diagnostics market,” notes Szymon Ruta, Vice President, CFO and shareholder of Scope Fluidics.
The agreement between Scope Fluidics and Bio-Rad Laboratories was concluded on November 4, 2024, following approval by Scope Fluidics’ Supervisory Board on October 24 this year. The agreement took effect upon payment by Bio-Rad Laboratories.
