Eurofins Disputes the Validity of SGS’ Purported Termination of the Agreement to Divest Its Crop Science Operations to Eurofins
July 15 2024 - 11:45AM
Business Wire
Regulatory News:
As previously announced on 18 December 2023, Eurofins Scientific
(Paris:ERF) and SGS had signed an agreement (the “Master Asset
Purchase Agreement” or “MAPA”) pursuant to which Eurofins was to
acquire SGS’s crop science operations (the “Crop Science
Operations”) from SGS.
On 15 July 2024, SGS issued a press release indicating that,
despite both parties’ efforts, not all closing conditions were
satisfied by the agreed long stop date and that SGS decided to make
use of its right to terminate the agreement.
Eurofins disputes the validity of SGS’ purported termination and
considers the MAPA to remain in full force and effect. Eurofins
remains committed to following through on its acquisition of the
Crop Science Operations and is considering all options to ensure
the completion of the transaction.
About Eurofins – the global leader in bio-analysis
Eurofins is Testing for Life. The Eurofins Scientific SE network
of independent companies believes that it is a global leader in
food, environment, pharmaceutical and cosmetic product testing and
in discovery pharmacology, forensics, advanced material sciences
and agroscience contract research services. It is also one of the
market leaders in certain testing and laboratory services for
genomics, and in the support of clinical studies, as well as in
biopharma contract development and manufacturing. It also has a
rapidly developing presence in highly specialised and molecular
clinical diagnostic testing and in-vitro diagnostic products.
With ca. 62,000 staff across a decentralised and entrepreneurial
network of more than 900 laboratories in over 1,000 companies in 62
countries, Eurofins offers a portfolio of over 200,000 analytical
methods to evaluate the safety, identity, composition,
authenticity, origin, traceability and purity of a wide range of
products, as well as providing innovative clinical diagnostic
testing services and in-vitro diagnostic products.
Eurofins companies’ broad range of services are important for
the health and safety of people and our planet. The ongoing
investment to become fully digital and maintain the best network of
state-of-the-art laboratories and equipment supports our objective
to provide our customers with high-quality services, innovative
solutions and accurate results in the best possible turnaround time
(TAT). Eurofins companies are well positioned to support clients’
increasingly stringent quality and safety standards and the
increasing demands of regulatory authorities as well as the
evolving requirements of healthcare practitioners around the
world.
The Eurofins network has grown very strongly since its inception
and its strategy is to continue expanding its technology portfolio
and its geographic reach. Through R&D and acquisitions, its
companies draw on the latest developments in the field of
biotechnology and analytical chemistry to offer their clients
unique analytical solutions.
Shares in Eurofins Scientific SE are listed on the Euronext
Paris Stock Exchange (ISIN FR0014000MR3, Reuters EUFI.PA, Bloomberg
ERF FP).
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version on businesswire.com: https://www.businesswire.com/news/home/20240715798318/en/
Notes to Editors:
For more information, please visit www.eurofins.com or
contact:
Investor Relations Eurofins Scientific SE Phone: +32 2
766 1620 E-mail: ir@sc.eurofinseu.com
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