Monday December 4th marked a very important milestone for Hyris' journey.
We indeed signed with Ulisse Biomed a binding agreement for a reverse take-over.
Together with our new colleagues from Ulisse Biomed we will constitute a new united entity, playing as an integrated group operating in biotech, with a distinctive positioning guaranteed by the control of the entire industrial chain and by the innovative tech features of the reagents designed and produced by Ulisse Biomed, on the one hand, and of Hyris' RT-PCR devices and software capabilties, on the other.
The integration of Ulisse Biomed and Hyris is based on the strong complementarity of their respective technologies, which, combined, allow them to exploit each other's strengths, defining a portfolio of distinctive competencies. Through the synergetic combination of the aforementioned technologies, the new entity resulting from the operation aims at providing an integrated solution of products with high-end performance, at a competitive cost, such as to favour a distinctive market positioning.
The synergy is both technological and business-related: from a technical point of view, the new entity would acquire a competitive advantage over the technology available on the market on all the components of the system (hardware, software and reagents); moreover, the in-house availability of a complete, validated and vertically integrated technological platform - such as the one realised by Hyris - is, to date, the prerogative of a small number of large companies. This constitutes a strategic market advantage compared to the possibility of supplying only part of the system, being dependent on external partners for the missing components.
Matteo Petti, CEO of Ulisse Biomed stated: 'We are excited to announce the integration opportunity with Hyris. By joining forces, we will enhance our product offering, combining Hyris' unique competences with our experience and development capabilities. The goal of this integration is to capitalise on the synergies between the two companies, maximising value for our shareholders and offering integrated diagnostic solutions to our customers'.
Stefano Lo Priore, Founder and CEO of Hyris, as well as its partner of reference, declared: 'We are proud of this ongoing transaction between Ulisse Biomed and Hyris. We have a joint industrial project with a strong vision and have already received excellent feedback from our first customers on the joint proposition of our solutions. As a united company we will be able to implement the project in a synergic manner and create a unique and distinctive reality on the global, and even more so on the Italian, biotech scene".
A new chapter will begin for both companies as being now part of the same family.
In the next weeks some more formal steps and activities will be performed to execute the agreement.
We will share prompt updates on each and every step of this integration.
