PrecisionBiotics Group LimitedThursday, 16 July 2020
ByrneWallace advised the shareholders of leading Irish probiotics company, PrecisionBiotics Group Limited in relation to its acquisition by Danish biotechnology group, Novozymes. A Cork based company, PrecisionBiotics has a leading position in the development and commercialisation of probiotics for human gut health, and markets and sells a range of clinically backed products.
The transaction is worth €80 million on a cash-free debt-free basis, supplemented by an earn-out structure. The acquisition will provide Novozymes with additional access to the consumer health market, specifically the probiotic supplements market which is expected to grow significantly over the next 3-5 years.
ByrneWallace has acted for PrecisionBiotics for over 15 years. The team which advised on the transaction was led by Colin Sainsbury (Partner and Head of Life Sciences Group), Gillian O’Shaughnessy (Partner – Corporate) and Daniel Holohan (Senior Associate – Corporate). The multi-disciplinary team also included lawyers from ByrneWallace’s Banking, Data Privacy, Employment, Pensions and Property departments.