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Novo Annual Review 2016
22 / 71
synlab
? european #1 in clinical laboratory
services
s ynlab is the undisputed european market leader in the field of laboratory services, performing approximately 450 million test results per annum for customers across the entire healthcare sector ? including practicing doctors, clinics and the pharmaceutical industry. the company holds a top three position in all of its key markets. novo acquired its shares in synlab from cinven, a uk- based private equity company, which remains the majority shareholder in the cinven group. innovative medical laboratory services synlab offers a full range of medical laboratory services for human medicine, including routine and specialty clinical pathology tests; anatomic pathology tests covering histological and cytological tests; and diagnostic imaging tests using medial and molecular imaging technologies. synlab also offers testing services for veterinary medicine and environmental analysis such as food, water and air. although laboratory medicine represents only approximately 2% of the european healthcare budgets, it plays a key role in the diagnosis and the validation of therapeutic interventions and paves the way for implementation of personalised medicine. in the future, the role of laboratory medicine is expected to become even more important, and synlab attaches great importance to the advancement of medical diagnostics. synlab focuses on the implementation of innovative laboratory technologies and on leveraging its european- wide network of specialist diagnostic competences. through its leadership position, synlab benefits from its pan- european scale and organisational structure, achieving low costs while providing high quality and short turnaround times to its customers. these benefits also position synlab as one of the most successful consolidators of the highly fragmented european clinical laboratory services market ? with significant potential for scale and competence synergies. continued consolidation through acquisitions remains a cornerstone in synlab?s strategy of accelerating its growth and strengthening its leadership position in the european market. a foothold in the healthcare service industry through the investment in synlab, novo has diversified its large investment portfolio and obtained exposure to the healthcare services industry in a segment that benefits from classic industrial business drivers, solid fundamental growth drivers, high entry barriers, and a stable competitive environment. moverover, the co-investment with cinven provides novo access to a partner with a proven track record within large-scale, post-merger integration efforts, and industry consolidation through buy-and-build strategies. in march 2016, novo a/s acquired a minority share in synlab, europe?s largest laboratory services provider. this was achieved by means of a convertible debt instrument, which was subsequently converted in december 2016. 22 novo a/s 2016
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