PLEASANTON, Calif., May 25, 2016 – The Cooper Companies, Inc. (NYSE: COO) today announced that CooperSurgical has acquired the commercial assets of Recombine Inc., a clinical genetic testing company specializing in carrier screening. The transaction is valued at approximately $85 million and is expected to be neutral to earnings per share in fiscal 2016 and accretive thereafter, excluding one-time charges and deal-related amortization. As of April 30, 2016, Recombine had trailing twelve month revenues of approximately $20 million and is forecasted to grow double digits over the coming years.
Carrier screening is a type of genetic test performed on individuals to help predict their chances of having a child with a genetic disorder. Testing is ideally performed before pregnancy and is commonly ordered by a gynecologist/obstetrician or infertility specialist. Couples found to be carriers of the same disorder can then benefit from preimplantation genetic diagnosis (PGD) services with the goal of preventing passage of a genetic disorder to their baby.
Commenting on the transaction, Robert S. Weiss, Cooper’s president and chief executive officer said, “This acquisition is an exceptional fit for CooperSurgical as it adds the premier carrier screening test sold within the IVF marketplace to our existing IVF genetic testing platform. This deal is also a nice strategic fit within our complete portfolio as it supports our leading IVF products and allows leverage within our ObGyn sales force.”
About The Cooper Companies
The Cooper Companies, Inc. (“Cooper”) is a global medical device company publicly traded on the NYSE (NYSE:COO). Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical is committed to advancing the health of families with its diversified portfolio of products and services focusing on women’s health, fertility and diagnostics. Headquartered in Pleasanton, CA, Cooper has approximately 10,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com.