Trinity Biotech gets $45m injection from South Korea’s MiCoVish Gainon April 14, 2022 at 09:38 Silicon RepublicSilicon Republic

0

Trinity Biotech, an Irish diagnostic technology company, has received a $45m investment from South Korea’s MiCo in a deal that will see it take 29.9pc of voting shares in the Bray-based company.

Announced earlier this week, the deal will allow Trinity Biotech to repay part of its $81.25m loan – reducing its annual interest cost by around $4m per year.

The deal will also see MiCo founder and chair, Sun-Q Jeon, take up the position of chair of Trinity Biotech, while two new members will be made to its board.

MiCo, listed on the stock market in South Korea, is a technology company that primarily focuses on semiconductors and green energy. Its interest in Trinity Biotech comes through its affiliate MiCo BioMed business, which develops AI-based rapid point-of-care diagnostic technology.

Covid-19 has changed the way diagnostic practices function, ushering in a shift from centralised lab-based testing to point-of-care and home-based ones. MiCo and Trinity Biotech hope to build technology that assists in this transition and innovates in the space.

Ronan O’Caoimh, CEO and chair of Trinity Biotech, said that his company, which has been around for 30 years, will use MiCo’s tech expertise and geographic networks to accelerate the commercialisation of Trinity Biotech’s diagnostic platforms.

“I am particularly excited that Trinity Biotech will have access to MiCo BioMed’s leading edge molecular PCR (polymerase chain reaction) platform which will immediately strengthen our portfolio of leading diagnostic products,” he said.

Trinity Biotech has a long history in developing point-of-care diagnostic technology in the Irish and international market, with a broad range of products across infectious diseases, haemoglobins and autoimmunity.

Through the deal, it will distribute MiCo diagnostic platforms in its core markets, including Europe and North America. Meanwhile, MiCo will help expand Trinity Biotech’s reach in the Asia-Pacific market.

“It is exciting to see MiCo and Trinity Biotech allied to serve our global customers to meet their diagnostic needs by effectively utilizing the resources of the two companies,” said Jeon. “We will keep innovating our tests and testing platforms in the post-Covid-19 era to become a major player in the global IVD (in-vitro diagnostic) industry.”

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

The post Trinity Biotech gets $45m injection from South Korea’s MiCo appeared first on Silicon Republic.

Leave a Comment