PBKM to take over the Italian company
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polski
On June 15th, Polski Bank Komorek Macierzystych (PBKM) signed a preliminary agreement to acquire 53% of shares in the Italian company Sorgente srl. Like the PBKM, it deals with family blood banking.
PBKM develops in Italy
The purchase price was set at 420,000 euro (PLN 1.9m). However, this amount may be increased by an additional amount on the basis of an ‘earn-out’ mechanism, i.e. based on the profit made by Sorgente in 2020. The additional price shall be paid no later than the end of June 2021. The agreement is preliminary in nature, which means that closing the transaction is subject to a condition precedent. This means issuing an official permission. This may be done either by the approval of the transaction by the Italian Prime Minister’s Office within the prescribed period, or by the absence of a response from the Office to the notification.
Additionally, under the agreement, PBKM will lend Sorgente 400,000 euro to finance marketing activities. This depends on PBKM’s registration of its acquisition in the Italian register of companies.
14% increase in PBKM’s revenue in Q1 2020
In Q1 2020, the PBKM Group generated PLN 49m in consolidated sales revenue. This means an increase of 14% compared to the same period last year. Such a high growth is primarily related to the inclusion of entities acquired in the second half of 2019. At the same time, the Group obtained nearly 6,500 new samples of umbilical cord blood or tissues, which means a 9% increase.
However, PBKM stresses that Q1 results are not reliable in the light of the COVID-19 pandemic. This is due to the fact that customers enter into contracts to bank biological material in advance, usually 1-3 months. This means that the impact of coronavirus will only be visible in the results for Q2 2020. According to the company, in April and May the number of contracts concluded with individual customers decreased by about 15-20%.
This is another PBKM investment this year. In March, it acquired a 70% stake in a cord blood bank in Turkey. We wrote more about it here.
