Biohit announces directed share issue to Sartorius

Biohit has announced that it will be arranging a directed share issue to Sartorius Lab Holding as it seeks to reinforce its financial position.

On August 19th 2011, life science company Sartorius subscribed for a total of 677,966 new series B shares of Biohit, an application that has now been authorised by the latter company's board of directors.

The share issue will give Sartorius full shareholders' rights and will facilitate future collaboration between the two firms, while raising the total number of Biohit shares to 13,615,593.

Biohit is already a key supplier of pipette technology to Sartorius and will be able to complement its operations, particularly in the areas of marketing and sales.

Professor Osmo Suovaniemi, Biohit's founder and chairman of the board added: "Biohit and Sartorius both stand for innovative and reliable products as well as for comprehensive service offerings."

Last week, the company published its financial report for the first half of 2011, during which it recorded net sales growth of 6.1 percent.