Intrepid Acts as Exclusive Financial Advisor to Ambry Genetics on its Sale to Konica Minolta in a Deal Valued at US$1 Billion

Acquisition secures a leading position for Konica Minolta in precision medicine and introduces the world’s most comprehensive genetic-diagnostic solutions to Japan, Europe, and other markets

Intrepid today announced that it acted as the exclusive financial advisor to U.S.-based Ambry Genetics Corporation (Ambry) on its sale to Konica Minolta (TSE:4902)—a global digital technology company with core strengths in imaging and data analysis, optics, materials, and nano-fabrication.

Konica Minolta, through its subsidiary Konica Minolta Healthcare Americas, Inc., (MHUS) and Innovation Network Corporation of Japan (INCJ), made a closing payment of $800 million to Ambry’s shareholders. Over the next two years, Ambry shareholders will receive up to $200 million in incremental consideration based on certain financial metrics, valuing the acquisition up to a total of US$1 billion. Ambry will become a consolidated subsidiary of Konica Minolta and continue to operate at its headquarters in Aliso Viejo, Calif., and under the Ambry name.

“Konica Minolta is the type of strategic partner we have been searching for—Intrepid’s Healthcare team was creative and thoughtful in bringing us a range of outstanding partner choices, from financial institutions interested in our space, to major players in healthcare. Ultimately, we felt that Konica Minolta was by far the best partner to help us take our strategic vision of helping humanity cure disease much closer to reality,” said Charles Dunlop, Founder, President, and Chairman of Ambry Genetics. “Intrepid understood our culture and history of innovation, and through the Konica Minolta partnership, we will have the resources, technology, and scale to advance biomedical research and enable the matching of more patients in more countries with specialized medicines that target the underlying cause of their illness,” added Dr. Aaron Elliott, CEO of Ambry Genetics.

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“Ambry is a special company that received major interest from strategics and international investors.  Charlie Dunlop built a unique culture on simple imperative: use the genetics to diagnose disease early to save lives. Charlie is a force of nature—his vision built an industry leader that is now well positioned with an exceptional partner to fulfill its promise,” said Ed Bagdasarian, Chief Executive Officer and Managing Director of Intrepid.

As an emerging player in the healthcare field, Konica Minolta has developed comprehensive technologies and services, including digital X-ray diagnostic imaging systems, diagnostic ultrasound systems, and ICT service platforms for medical institutions. “This acquisition is the first in a series of strategic initiatives to secure a leading position for Konica Minolta in precision medicine,” said Shoei Yamana, President and CEO of Konica Minolta. “The future of medicine is patient-focused. Together with Ambry, we will have the most comprehensive set of diagnostic technologies for mapping an individual’s genetic and biochemical makeup, as well as the capabilities to translate that knowledge into information the medical community can use to discover, prevent, and cost-effectively treat diseases. This will not only serve as the future foundation for our healthcare business but it will pave the way for a fundamental shift in the way medicine is practiced globally.”

About Ambry Genetics

Founded in 1999, Ambry Genetics is a privately-held healthcare company in the U.S., led by Founder, President, and Chairman Charles L.M. Dunlop and CEO Dr. Aaron Elliott. Ambry is known as a pioneer and thought leader in genetic testing and is the first laboratory in the world to offer such tests as hereditary cancer panels and clinical exome sequencing. Ambry’s mission has remained focused on understanding disease so cures can come faster. Today, Ambry remains unwavering in its commitment to being tough, innovative, committed to quality and, most of all, focused to do what is right for patient care.

About Konica Minolta

Konica Minolta, Inc. is a global digital technology company with core strengths in imaging and data analysis, optics, materials, and nano-fabrication. Through innovation, the company creates products and digital solutions for the betterment of business and society—today and for generations to come. Headquartered in Tokyo and with operations in more than 50 countries, Konica Minolta has more than 43,000 employees serving approximately two million customers in over 150 countries. Konica Minolta is listed on the Tokyo Stock Exchange (TSE:4902).

Deal Team Contacts

Ed Bagdasarian, CEO and Managing Director

Steve Davis, Managing Director

Adam Abramowitz, Managing Director

About Intrepid Investment Bankers

Intrepid provides M&Acapital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage, rooted in our founders’ successful 35-year history, breeds a culture that embraces teamwork, tenacity, and creativity to win big for our clients. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.

Media Contact

Erica Gunn, Marketing Specialist