Diagnostics pioneers Kaivogen, Abacus Diagnostica, and Labrox have reportedly teamed up to become a single multinational in-vitro diagnostics company called Uniogen.
The new company named Uniogen Oy will offer a complete point-of-care testing package, including diagnostics for infectious diseases and malignancies. It will now be possible to conduct antibody, PCR testing, and diagnostics for several diseases with a single adaptable and easy-to-use equipment in any healthcare setting without the need for specific training.
With one single device, it will be feasible to detect more than ten bacteria or viruses from a single sample and establish whether a patient's symptoms are caused by flu, coronavirus, or a regular cold with just one piece of equipment.
It is worth noting that the companies that form the foundation of the new entity have extensive experience in worldwide clinical diagnostics and life science sectors. Cumulative yearly net sales of the three underlying firms were around EUR 15 million (approx. USD 17 million) in 2021.
Uniogen is profitable and has a positive cash flow, with its products now available in more than 100 countries worldwide. Outside of Finland, international markets account for roughly 80% of revenues. The company is based in Turku, Finland, and currently employs approximately 100 people.
The deal was finalized through a share swap arrangement, in which the three companies' owners became shareholders in the new company. Finnish stockholders own around 98% of the company's stock, with employees and founders of Kaivogen, Abacus Diagnostica, and Labrox holding majority shares.
Ilari Antila, CEO of Uniogen, mentioned that as healthcare expenses continue to rise, improving healthcare outcomes, cost savings, and accessibility through decentralized testing is becoming increasingly important. Rapid diagnosis is predicted to have a significant influence on health economics.
Although Finland remains a key home market for the company, Uniogen is pursuing worldwide expansion as part of its strategy. The company's potential growth pillars are infectious disease diagnostics, cancer diagnostics, and technology licensing together with its current product and service offerings.
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