Alere subsidiary planning June IPO on LSE
The BBI Diagnostics Group plc subsidiary of diagnostic company Alere Inc. (NYSE:ALR) plans to launch an IPO in June on the London Stock Exchange underwritten by Jefferies; Berenberg Bank; and Investec Bank. BBI said it will publish a prospectus with full details of the offering in the "coming weeks." Alere first announced plans to complete an IPO for the subsidiary in April (see BioCentury Extra, April 29).
The offering will comprise existing shares held directly or indirectly by Alere. BBI does not plan to issue new shares or raise money in the offering, but the subsidiary plans to enter a new L60 million ($100.9 million) secured credit facility. BBI develops, manufactures and markets reagents for diagnostic tests and advanced laboratory diagnostic instruments. The subsidiary had 2013 revenues of L86.9 million ($143.6 million). ...