Ginolis was acquired by Cellink for €70 million.

Ginolis, an Oulu, Finland-based solution provider for laboratory automation processes and Point of Care diagnostic devices manufacturing, announced that it entered into an agreement for selling the company to Cellink, a Gothenburg, Sweden-based manufacturer of health materials.

The deal was made for 100% of the shares, in cash and stock, at a company valuation of €70 million ($85M).

The acquisition’s completion is expected to occur by 1st of March 2021. Ginolis will remain under the current entity and management post-transaction.

Ginolis, foundedin 2010 and led by CEO Teijo Fabritius, develops innovative modular robotics and workflows, the Xanthia platform, which enable precision-oriented manufacturing of microfluidic, multiplex assays, medical devices, and lateral flow IVD tests known as PoC tests. The company, which has also an office in Uppsala, Sweden, produced €18 million in revenue in 2020.