Lumora sold to ERBA Diagnostics Mannheim
It follows the sale by Lumora of its proprietary sample preparation technology to Roche in August.
Lumora’s molecular diagnostics platform can be used in food safety and clinical testing.
ERBA Mannheim said the acquisition will add molecular diagnostics testing to its suite of clinical testing products.
Fund I portfolio company
The investment was part of Tate & Lyle Ventures Fund I established in 2006.
Tate & Lyle Ventures invested in Lumora, a University of Cambridge spin out, in 2006 when the team led by CEO and founder Dr Laurence Tisi was developing its molecular diagnostics technology within university labs.
The fund continued to support the business in a second round of investment in 2011 and was joined by Catapult Growth Fund to advance Lumora’s technology to the commercial stage.
Laurence Tisi, CEO of Lumora, said: “[ERBA Mannheim] has a strong global presence and is well established in a number of key market segments.
“With the acquisition of Lumora, and its novel technology, ERBA Diagnostics Mannheim is now well placed to expand the utility of the technologies globally.”
ERBA Mannheim said its network will take Lumora and its products to a larger market.
The firm has the opportunity to further commercialise Lumora’s technologies such as BART and RapidMags and said the ongoing commercial partnerships it has will continue.
Enhances existing portfolio
Suresh Vazirani, chairman and MD of ERBA Diagnostics Mannheim, said the acquisition enhances its existing portfolio.
“Lumora has a strong portfolio of molecular technologies which will help us develop molecular testing for emerging country specific diseases such as HIV, and Dengue.
“We look forward to working with the talented team at Lumora to further integrate our businesses for the benefit of our customers.”
Simon Barnes, of Tate & Lyle Ventures, said: “We identified early on the potential of Lumora’s molecular diagnostics platform and believed it could transform both food safety and clinical testing.
“At the time, the company had received a seed investment from the University of Cambridge and a group of business angels so we decided to invest in Lumora to support its growth potential.”
Tate & Lyle Ventures established Fund II in 2013 which is investing up to £30m over an eight-year period in start-ups and expansion-stage companies in food sciences and enabling technologies in line with Tate & Lyle PLC’s strategy to grow in specialty food ingredients.
David Atkinson said: “The Lumora team has consistently delivered technological breakthroughs over the years and this has ultimately led to an excellent investment return for Fund I.
“We have worked with management to help build an outstanding company and we are delighted that ERBA will now take the business to its next stage of development.”
