Aalto Bio Reagents, a Dublin-based life sciences company that provides raw materials for the diagnostic industry, has been acquired by Switzerland’s Biosynth Carbosynth in a multimillion euro deal.

Founded in 1978, Aalto develops and supplies critical biological materials for the diagnosis of infectious diseases, especially in the in-vitro diagnostic (IVD) and vaccines development industries.

Its product portfolio includes an extensive range of proteins, antigens, antibodies, disease state human plasma and biospecimens used by diagnostic and vaccine development companies around the world working on emerging diseases and disease variants.

Biosynth is also a global supplier of raw materials for the life sciences sector in general, and the acquisition of Aalto for an undisclosed sum broadens its offering in the IVD space.

“This acquisition marks the next phase of our ambitious journey to become a leading global supplier and partner to the biopharma and diagnostics industries,” said Dr Urs Spitz, CEO and president of Biosynth.

“It allows us to offer an expanded range of products to our IVD customers including complex biochemicals, peptides and biological materials.”

According to the Business Post, the multimillion euro acquisition of Aalto will result in a combined entity with revenues of €100m and a staff count of around 450.

“We are pleased to welcome Aalto and its employees and look forward to working with them to continue to grow our offering to the diagnostics industry,” Spitz added.

Aalto CEO Philip Noone said that Aalto’s products and focus on emerging disease are “an excellent fit” with Biosynth’s products.

“We see huge opportunities for the platform to be at the forefront of developing new innovative products and supplying our customers with an even greater scale and diversity of products they need to solve the diseases of the future,” he said.

Aalto has played an important role in providing raw materials for the diagnosis of many existing and emerging infectious disease pathogens, including Zika, Dengue, Chikungunya, West Nile, Yellow fever and Sars viruses and HIV.

Last month, the company was awarded the prize for overall winner of the Small Firms Association National Small Business Awards 2022, which celebrates the achievements of small businesses in Ireland.

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 Dublin’s Aalto snapped up by Swiss company in multimillion euro deal appeared first on Silicon Republic.