Press release

Atrys drives forward and completes its scope in precision medicine through the acquisition of the medical oncology company Bienzobas

13 June 2022

Atrys Health, S.A. (ATRY), a global company that provides precision medical diagnostic and treatment services, and is a pioneer in telemedicine and state-of-the-art radiotherapy, announces the 100% acquisition of Bienzobas.

Bienzobas is a leading company in Spain in the provision and management of medical oncology services, with an expanding presence in Mexico and Portugal. Bienzobas is currently responsible for the oncology treatment of a reference population of more than 2 million insured people. It is also the main oncology consultancy in Spain, by way of agreements with the country’s main health insurers and groups.

The acquisition of Bienzobas allows Atrys to consolidate and spearhead a 360-degree oncology model, with the company being able to increase its care offer to patients, insurers and hospital groups. This way, Atrys becomes one of the leaders in the healthcare market, offering the broadest clinical capacity in precision medicine, cancer prevention, diagnosis and treatment, providing individualised patient care, and focusing on technological innovation.

Bienzobas works with the main healthcare groups and health insurers to optimise available oncology resources, and advises on oncology prescriptions, helping to make the most innovative treatments accesible to patients under the best conditions of safety and quality of care. It boasts a network of more than 70 medical oncologists, radiation oncologists and haematologist-oncologists working in more than 40 hospitals and medical centres. Bienzobas is a pioneer when it comes to prescribing oncology treatment based on medical and scientific evidence in accordance with international clinical guidelines (NCCN, NICE, IQWIG, etc.) and the recommendations from the main regulatory agencies (EMA and FDA).

Bienzobas has undertaken a digital transformation process with the aim of combining medical practice knowledge, the main international guidelines and data on patients’ clinical results; all of this has been done in order to support medical professionals in their healthcare practice decision-making. In this regard, Bienzobas has developed its own technological platform geared towards optimising healthcare management based on the use of cloud systems and services, which allows it to interoperate with clinical history systems and analyse a higher volume of data to improve individualised patient care.

The new technologies implemented by Bienzobas, such as Big Data, Artificial Intelligence and RPAs (process robots) enable process efficiency, advanced data analytics, and real-time simulations and predictions.

The know-how that Bienzobas has obtained, together with its management capacity and the close collaborative relationship it maintains with the main research groups and their respective clinical trial units, allows the company to offer a totally individualised medical oncology service and to provide therapeutic alternatives according to each patient’s needs.

Bienzobas, which recorded a turnover of 30.62 million euros in 2021, is present in Mexico, where it works via its subsidiary Cuidarte. The company has a cancer treatment clinic in Mexico City and a network of more than 50 doctors providing medical oncology treatment services to patients from the country’s leading medical societies. The acquisition marks Atrys’ entry into Mexico, adding to its presence in Spain, Switzerland, Portugal, Chile, Brazil, Colombia and Peru.

For Santiago de Torres, Atrys’s Executive President, “With this deal we become the first independent group to offer a 360-degree oncology approach and to have an artificial intelligence-based technological platform that brings precision medicine closer to patients. We have also strengthened our leadership by enlisting a management team possessing talent and extensive experience in medical oncology care.”

Previously owned by Nexxus Iberia fund, Bienzobas strengthens Atrys’ main business areas: prevention, diagnostics and advanced radiation oncology. The acquisition price amounts to € 76.3 million (of which approximately € 72.1 million will be paid in cash and € 4.27 million will be paid in kind through the distribution of Atrys shares). In addition, a contingent earn-out price of approximately € 18.1 million has been agreed upon, subject to the EBITDA Bienzobas reaches in 2022.

The acquisition will be financed by Atrys through equity in an accelerated bookbuild offering solely aimed at qualified domestic and foreign investors.

With this acquisition, Atrys is further developing its commitment to innovation as regards  healthcare and is on track to meet its strategic growth plan, which calls for pro-forma earnings of € 220 million by 2022 and an adjusted EBITDA of € 50 million.

Atrys sought guidance for the deal from Pinsent Masons and Mediobanca – Banca di Credito Finanziario S.p.A. has acted as financial advisor to the company. In turn, the sellers  received assistance from E&Y.