SD Biosensor, a Korean diagnostics firm, said Wednesday it has completed the acquisition of Meridian Bioscience, a U.S. diagnostic company.

In July 2022, the company said it would purchase Meridian Bioscience for about $1.53 billion. The acquisition of Meridian Bioscience is the largest M&A deal in the history of the Korean biopharmaceutical industry.

Initially, SD Biosensor decided to bear the $1.53 billion acquisition payment of Meridian Biosciences, excluding the $500 million acquisition financing completed last year, with SJL Partners, a private equity fund, at a ratio of 60 to 40.

However, as SJL Partners' funding was delayed and the acquisition date approached, SD Biosensor decided to bear the total acquisition payment.

Established in 1976, Meridian Bioscience is engaged in life science (LS) and diagnostic (DX) business segments.

With the completion of this acquisition, SD Biosensor plans to strengthen its diagnostic platform with Meridian Bioscience and enter the U.S. market in earnest.

SD Biosensor, which saw an increase in sales through manufacturing and selling Covid-19 diagnostic kits during the Covid-19 pandemic, used the profit raised to expand its business overseas. Since the end of 2021, SD Biosensor has acquired several overseas diagnostic device distributors and manufacturers, such as Brazil's Eco Diagnostica, Germany's Bestbion, and Italy's Relab S.R.L.