(Alliance News) - Ulysses Biomed Spa announced Monday that it has signed a binding framework agreement regarding the acquisition of 100 percent of Hyris Limited for EUR26.2 million in UBM ordinary shares, derived from a special capital increase.

Hyris is a hi-tech company under English law that heads the group of the same name operating in the biotech and cloud computing sectors. In 2022, the Hyris group had revenues of EUR4.3 million benefiting, albeit to a lesser extent than in 2020-2021, from Covid-19-related sales. Ebitda was negative EUR1.5 million and net loss amounted to EUR1.4 million.

Following the pandemic, UBM points out, the Hyris group executed a restructuring of its proposition, creating from scratch new non-medical and medical product lines and integrating solutions from third-party partners, including UBM. The sales composition has already begun to benefit from the new proposition.

In the first six months of 2023, the Hyris Group achieved revenues of EUR476,000, negative Ebitda of EUR1.3 million and net loss of EUR1.4 million. As of June 30, equity was EUR4.1 million and a negative net cash financial position of EUR323,000.

The acquisition, UBM specifies, "aims to create a new integrated group operating in the in vitro diagnostics industry, and in particular in molecular biology, with a distinctive positioning guaranteed by the presidium of the entire industrial chain and by the technological innovation characteristics of the reagents designed and produced by UBM, on the one hand, and of Hyris' PCR instrumentation and interpretive software, on the other."

Matteo Petti, CEO of the company said, "We are excited to announce the integration opportunity with Hyris. By joining forces, we will enhance our product offerings by combining Hyris' unique expertise with our development experience and capabilities. The goal of this integration is to capitalize on the synergies between the two companies, maximizing value for our shareholders and offering integrated diagnostic solutions to our customers."

Stefano Lo Priore, Founder and CEO of Hyris, as well as its lead partner, said, "We are proud of this ongoing transaction between Ulysses Biomed and Hyris. We have a joint industrial project with a strong vision and which has already received excellent feedback from early customers on the joint proposition of our solutions. As a united team we will be able to implement the project synergistically and give birth to a unique and distinctive reality on the global, and even more so on the Italian, biotech scene."

Ulisse Biomed's stock on Monday closed in the green by 0.3 percent at EUR1.69 per share.

By Chiara Bruschi, Alliance News reporter

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