Novacyt SA / Lab21 Ltd

Exclusively Advised Novacyt SA, a Paris-Alternext-listed leading diagnostics player that develops and markets innovative solutions in liquid-based cytology for the detection of cancer, including cervical cancer in its merger via a stock-for-stock transaction with Lab21 Ltd, the Cambridge, the UK-based global specialist in personalized medicine and clinical diagnostics. Pursuant to this transaction, Lab21 will become a 100% subsidiary of Novacyt, and the combined group will be rebranded. The combination created an emerging diagnostics leader with operations based in France, UK, China and Australia and distribution covering over 100 countries. We advised on the entire structure including the issuance of new Novacyt shares to Lab 21 shareholders at an exchange ratio so that 54% of Novacyt fully diluted share capital be held by Novacyt’s historical shareholders and 46% by the current Lab 21 shareholders post-deal. The total transaction value upon completion is €40m. The new Novacyt shares are traded on Alternext.