SD Biosensor acqures Italia's medical device distributor Relab SRL to boost sales in Europe

SEOUL -- SD Biosensor, an in-vitro diagnostics company that produces antigen self-testing kits, will acquire Italia's medical device distributor Relab SRL for about 61.9 billion won ($49.9 million) to strengthen its distribution network in Europe. The company has expanded its portfolio with abundant cash reserves and brisk exports.

In a regulatory filing on April 22, SD Biosensor said that the acquisition of a 100 percent stake in Relab on June 30 is aimed at participating in management. In Italy, SD Biosensor is selling STANDARD M10, a rapid molecular diagnostic device. The deal came a month after SD Biosensor acquired Bestbion, a German in vitro diagnostic product distributor. 

Using German and Italian companies under its wing, SD Biosensor can deliver diagnostic products faster than before in Europe. SD Biosensor's cash reserves rose significantly through a jump in sales abroad. The company also raised some 776 billion won through its initial public offering in July 2021.

SD Biosensor's consolidated operating profit in 2021 was up 83 percent from a year ago to 1.36 trillion won. Sales rose 74 percent on year to 2.93 trillion won. The company earmarked about 188 billion won for its investment in a domestic plant in Jeungpyeong some 102 kilometers (63 miles) south of Seoul to secure automated production facilities for its molecular diagnostic device.