DIM Sartorius Stedim Biotech SA

By Cecilia Butini

Shares in German pharmaceutical and laboratory equipment supplier Sartorius AG and its France-listed subsidiary Sartorius Stedim Biotech SA fell in opening trade on Friday after the company announced its acquisition of Polyplus for about 2.4 billion euros ($2.62 billion).

Sartorius said it would receive a bridge loan facility from J.P. Morgan for a transitional period to finance the transaction, and that it would refinance the loan with long-term financing instruments which might also include an equity component.

At 0745 GMT, Sartorius shares traded down 5.6% at EUR386.40. Sartorius Stedim traded down 6.8% at EUR287.90

Polyplus produces key components in the production of viral vectors used in cell and gene therapies and other advanced medicinal therapeutic products, according to Sartorius. It is expected to generate sales revenue in the upper double-digit million euro range, and a very substantial Ebitda margin in 2023, the company said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

March 31, 2023 04:10 ET (08:10 GMT)

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