Swedish Vitrolife has acquired all the shares in Danish company HertArt ApS.
In 2010 Vitrolife entered into a collaboration agreement with the then newly formed Danish company HertArt to develop a new range of disposable plastic products for IVF called Labware. Since then HertArt has developed and registered a portfolio of products for IVF such as cultivation dishes, test tubes and pipettes, a product range that Vitrolife is to launch in 2013.
In 2010 Vitrolife acquired 25 percent of the shares in HertArt as part of the collaboration agreement. On April 1, 2013 Vitrolife exercised an option to acquire all the shares in the company. The acquisition was made as Vitrolife assesses that it is possible to run HertArt more efficiently as a wholly owned subsidiary.
The purchase sum amounted to DKK 2 million and may be increased to DKK 3 million if certain defined sales objectives are achieved. The initial purchase sum of DKK 2 million is to be paid in cash and financed from Vitrolife’s cash in hand. It is estimated that the acquisition will only entail a marginal impact on Vitrolife’s earnings per share for 2013.
HertArt ApS’ initial product focus is on products designed and certified for use in In Vitro Fertilisation/Assisted Reproductive Technologies. The company is registered in Greve, Denmark. In 2012 the company had sales of approximately DKK 1 million and, according to Vitrolife, these sales consisted of invoicing to the Vitrolife Group.