Business
Albyn Medical earn out update
Albyn Medical earn out update.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n \n \n Creo Medical Group plc\n \n \n (\"Creo\" the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n \n Albyn Medical earn out update\n \n \n \n \n \n \n \n \n Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, provides an update on the earn out agreement related to the acquisition of Albyn Medical S.L. (\"Albyn\") as announced on 24 July 2020.\n \n \n \n \n \n Creo acquired Albyn, now known as Creo Medical S.L., in July 2020 for an equity value of €24.8m plus up to €2.7m of performance related consideration payable over two years (the \"Earn Out\"). Ninety per cent. of Albyn's issued share capital was acquired at closing in 2020, with the remaining 10 per cent. of Albyn's issued share capital to be acquired over the following two years for a consideration calculated against performance targets. In March 2022 the Company confirmed that the earn out target for the 12 month period ending July 2021 had been achieved in full and that it had acquired 50% of the remaining 10% of the issued capital.\n \n \n \n \n \n The Company now confirms that due to the continued successful performance of Albyn the earn out target for the 12 month period ending July 2022 has also been achieved in full. Accordingly,\n the Company has acquired the remaining 5% of the issued share capital of Albyn for a consideration of €1.2m and the second tranche of the Earn Out payment, being €1m, has been satisfied in cash. \n \n \n The acquisition of Albyn has provided a direct route-to-market for the Company, yielding new users of the Group's core technology across Europe. Now fully integrated and operating under the Creo Medical brand, Albyn's highly complementary product range offers a mix of Creo's own manufactured products, Creo branded (third party manufactured) products, and third-party branded (i.e. distributed) products, each sold predominantly in UK and major European markets via well-established sales teams. The acquired business has continued to grow since acquisition and during 2022 the Company introduced a number of its Endotherapy products to the US market with the aim of complementing the Group's core technology products and providing physicians and clinicians a complete product solution for everyday endoscopic procedures.\n \n \n Craig Gullifo...