An operation for 833 million euros: The Mérieux family, who will no longer be alone on board, open their capital to the Agnelli family

Institut Mérieux and Exor, the Agnelli family’s holding company, announce a long-term partnership in global health. A partnership that weighs heavily: Exor is investing 833 million euros in the Mérieux family’s holding company, ie 10% of the capital, “to support the growth of the Institut Mérieux, whose mission is to provide innovative solutions in public health”.

This operation involves the Institut Mérieux, an independent holding company of the Mérieux family that specializes in global health and brings together all companies in the Mérieu Galaxy, and Exor NV (“Exor”); as well as by the diversified holding company controlled by the Agnelli family.

10% ownership interest

The two families have signed this long-term partnership agreement, under which Exor, through a reserved capital increase, will acquire a 10% stake in Institut Mérieux for an investment of 833 million euros.

Why such an agreement between two families of entrepreneurs, each weighing heavily in their respective countries?

“Exor’s investment in the Institut Mérieux materializes a partnership between two families with a century of industrial entrepreneurship as well as a recognized ability over five generations to develop their activities by seizing the opportunities of change. Structural,” we explain on the page. by Exor.

Benefit for the Mérieux family: this partnership with Exor provides the extra and significant resources to support the growth of the Institut Mérieux.

The Mérieux Institute was established 125 years ago in Lyon, and which is experiencing rapid growth, further accelerated by the Covid crisis, has five companies: the listed company bioMérieux, one of the world leaders in in vitro diagnostics; Mérieux NutriSciences, a leading global provider of food and nutrition consulting and monitoring services; ABL Inc (Advanced Bioscience Laboratories), a company based in the United States and France, specializing in bioproduction of gene therapy products, vaccines and protein biotherapies; another listed company, Transgene, which develops promising therapeutic vaccines and oncolytic viruses against cancer; and finally a development capital and innovation capital company in health and nutrition: Mérieux Equity Partners, which manages a portfolio of more than 30 investments and more than one billion euros in assets under management. …

For its part, Exor weighs 26 billion euros: its portfolio consists mainly of companies in which Exor is the main shareholder: Ferrari, PartnerRe, Stellantis, CNH Industrial, Iveco Group, Juventus FC, The Economist, GEDI Gruppo Editoriale and Shang Xia.

“A relay of growth”

Thus, looking for a growth driver, the Agnelli family’s holding company has “identified the healthcare sector as a new growth area for its activity.”

“In the year that the Institut Mérieux celebrates its 125th anniversary, I welcome this European partnership between our two family groups. I have a strong connection to Italy, and the meeting with Exor was obvious. With John (Editor’s note Elkann) “Alexandre and I share strong territorial roots between Lyon and Turin, the same entrepreneurial and industrial culture and the same long-term vision”, welcomed Alain Mérieux, President of the agreement, as soon as the agreement was signed. Institut Mérieux.

With Exor’s entry as a partner shareholder in Institut Mérieux, John Elkann and Benoît Ribadeau Dumas will join the company’s board of directors.

One third of the reserved capital increase of 833 million euros will be immediately contributed to the closure planned for the summer of 2022, and the rest over the next twelve months.

The two parties make no secret of the fact that Exor’s limit of 10% in the capital of the Institut Mérieux may be exceeded in the future if the connection between the two families is confirmed and deepened …

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