Lead poisoning has been a prominent news story this year, thanks to the tragic circumstances now playing out in Flint, Michigan. So it’s no surprise that Magellan Biosciences, Inc. and its subsidiary, Magellan Diagnostics, Inc., have been sold to Meridian Bioscience, Inc. (NASDAQ: VIVO) for $66 million. Majority owner Ampersand Capital Partners, together with Tekla Capital Management and Boston Community Venture Fund, made their exit from the business.
Magellan has built a national reputation for point-of-care testing kits that measure levels of lead in the bloodstream. Its LeadCare® II, LeadCare Ultra and Plus systems are used by more than 6,500 physician offices and clinics in the United States. Its wide presence in pediatric offices was a big attraction for Meridian.
This acquisition gives Meridian an important point-of-care capability as well as ready access to the pediatric market. It plans to expand Magellan’s products to international markets where it already has a presence. As hospitals continue to acquire physician practices, Meridian expects to find oppportunities to expand within its own hospital market.