Vitrolife acquires Cryo Management Ltd

Vitrolife has entered into an agreement to acquire 100% ownership in Cryo Management Ltd by September for a purchase sum of EUR 5 million, which can be increased to EUR 9 million upon the fulfilment of defined objectives primarily related to sales during the period 2013 to 2015.

The acquisition is conditional on approved Due Diligence. The fixed purchase sum is financed by a corporate acquisition loan of EUR 3 million and by payment of EUR 2 million in newly issued shares or cash. If payment is in shares, this is planned to be carried out after distribution of the subsidiary Xvivo Perfusion AB. Vitrolife anticipates that the acquisition will have a marginally negative effect on earnings per share for 2012 due to increased marketing activities and transaction expenses but that the business will make a positive contribution as from 2013.

Cryo Management Ltd and its subsidiary Cryo Innovation Ltd are located in Budapest, Hungary. The company was formed in 2005, and has 20 employees and budgeted sales of approximately EUR 2 million for 2012. The company has successfully developed, produced and marketed time-lapse products, primarily for the IVF market.