22nd April 2021
Mobidiag acquired by Hologic – Consilium’s view
We first began working with the Mobidiag team in early 2018. Consilium was brought on board to help raise the international profile of the commercial-stage, Finnish-based diagnostics company with an impressive range of innovative, fast, accurate and high-quality diagnostic solutions for GI infectious diseases. The Consilium team started by putting together a comprehensive media engagement programme for Tuomas Tenkanen, Mobdiag’s CEO, with international specialist trade media publications to educate the media and start to create a buzz around the Company.
Over the past three years, Mobidiag continued to make good progress against its strategy. They developed and launched new molecular diagnostic tests on their Novodiag® and Amplidiag® diagnostic platforms in their domestic markets of Finland, France, and the UK, signed distribution agreements across other key European markets, and they successfully launched a joint venture in China with AutoBio Diagnostics. Throughout this period the company received a total of EUR40 million in funding from the European Investment Bank. Consilium prepared communications strategies, including social media, around announcements to generate coverage and position Mobidiag as a fast-growing, high value company with mature technology.
We also leveraged our extensive investor network to supplement the Company’s IR activities – making introductions and preparing materials for meetings with potential investors across Europe.
Then came the COVID-19 pandemic, which permanently changed Mobidag’s course.
Mobidiag recognised early on in the pandemic the critical role diagnostics would play in supporting healthcare systems to tackle the emerging global health emergency. The urgent and growing need for fast, accurate and reliable diagnostic tests for the early detection of COVID-19 was clear and Mobidiag jumped into action. They were able to rapidly redirect their efforts, leveraging their expertise, capabilities and existing technologies to develop a full range of COVID-19 diagnostic solutions for customers.
Interest in Mobidiag grew rapidly as COVID-19 spread around the world, and demand for their diagnostic solutions in Europe continued to accelerate as global leaders increasingly looked to diagnostics to help open economies back up after extended periods of national lockdown. Consilium was there every step of the way, providing day-to-day support and advice to the team. As soon as we were informed that Mobidiag was being acquired by Hologic Inc., a global medical technology company, for an enterprise value of approximately €668 million ($795 million) subject to customary closing conditions, the Consilium team did what we do best – we sprang into action, helping to prepare all stakeholder communications materials, including letters to customers, shareholders and employees; a media Q&A, the acquisition press release and agreeing a media management strategy with the Hologic communications team.
Under the Hologic umbrella, we believe that Mobidiag’s business will continue to grow from strength to strength and will accelerate and expand availability of its diagnostic products to more countries in Europe and the US. It is a great outcome for a fantastic team and a testament to the hard work that Mobidiag, led by Tuomas Tenkanen, has put into their technology, supply chains, and people over the years.
The Consilium team advising Mobidiag was Chris Gardner, Matthew Neal, Melissa Gardiner, Sarah Wilson and Maya Bennison.