SJL Partners and SD Biosensor to take COVID-19 test maker Merdian private

• According to terms of the deal, Meridian shareholders will receive $34 per share
• When the deal closes, Meridian will no longer trade on the NASDAQ or any public securities exchange
• Rothschild & Co is serving as financial advisor to Meridian while Piper Sandler & Co. is serving as financial advisor to SJL Partners and SD Biosensor.

SJL Partners and SD Biosensor Inc have agreed to acquire Cincinnati-based Meridian Bioscience Inc, a provider of diagnostic testing solutions and life science raw materials. The deal is valued at about $1.53 billion.

According to terms of the deal, Meridian shareholders will receive $34 per share.

“We are excited to announce this new chapter for Meridian after the many years spent transforming the Company for sustainable growth,” said Jack Kenny, Meridian CEO, in a statement. “In addition to delivering immediate and significant value to our shareholders, we believe the transaction will enhance our ability to serve customers as we navigate the decline in COVID-19 testing demand and develop new products with the benefit of SDB’s industry expertise and complementary offerings.”

The transaction is expected to close in the fourth calendar quarter of 2022. Upon completion of the transaction, it is expected that SDB will own approximately 60 percent of Meridian while SJL will own the remaining 40 percent.

Meridian will no longer trade or list on the NASDAQ or any public securities exchange.

Rothschild & Co is serving as financial advisor to Meridian on the deal while Jones Day and Keating Muething & Klekamp PLL are serving as legal counsel. Piper Sandler & Co. is serving as financial advisor to and Paul Hastings LLP is serving as legal counsel to SJL Partners and SD Biosensor.

SJL is a Korea-based private equity investment manager uniquely focused on cross-border partnership investments.