The Binding Site: creating a global leader in specialist protein diagnostics

The Binding Site is a fast-growing, UK-based Medical Technology company, working in the area of specialised medical diagnostics. It is a world leader in its field, working with clinicians and laboratory professionals worldwide to deliver innovative solutions to improve the diagnosis and management of blood cancers and immune system disorders. Nordic Capital acquired The Binding Site in 2011, and the company has made a remarkable organic growth journey during the ownership period. Today, The Binding Site is a global leader in specialist protein diagnostic solutions, delivering life-changing products to over 100 countries and producing over 40 million tests per year helping millions of people.

From a founder-led research-based organisation to a leader in delivering innovative medical solutions

The Binding Site was originally founded by a group of researchers from the University of Birmingham in 1983 and has since continued to build on its strong scientific heritage, supporting research and development within its field of In Vitro Diagnostics. Nordic Capital spent several months studying the scientific underpinning of the Company and its products, which confirmed The Binding Site as an attractive investment opportunity. In 2010, it proactively approached the founder, a Professor of Immunology at Birmingham University’s Medical School. As a result of those discussions, Nordic Capital entered into a bilateral dialogue, ultimately leading to an acquisition of the company in 2011. The founder maintained a minority stake in the company and continued to support the business after the acquisition.

A partnership for global leadership

Nordic Capital’s operational focus, deep knowledge of the healthcare space, and expertise in fuelling global expansion have been instrumental in the development of The Binding Site. During the ownership period, significant progress was made on the geographical expansion of the company, creation of a sticky razor/blade model with the successful launch of its market-leading Optilite instrument, and development of the management team. Nordic Capital also supported significant additional R&D spend, enabling the development and delivery of innovative medical solutions that further improved the detection, diagnosis and management of blood cancers and immune system disorders.

Employees

Revenues

"“With Nordic Capital’s support, we have transformed into a global leader in our field.”"

Stefan Wolf, CEO of Binding Site

A significant milestone was the appointment of a new CEO in 2021, followed by further senior management appointments which strengthened the management team. The management changes further cemented the company’s position as a leading science-driven serial innovator changing clinical practice in its field. Its leadership is exemplified by over 3,000 scientific papers published by researchers around the world using The Binding Site’s products.

Transformation into a global leader

During the ownership period, The Binding Site transformed from a research-based organisation to a global market leader. The company grew fivefold, with revenues reaching approximately GBP 200 million in 2022, and it sells more than 40 million tests globally. Today, The Binding Site is a global leader in the immunodiagnostics space, with presence in over 100 countries, an installed base of over 1,500 instruments, and 4,000 customers across the globe, including hospitals, academic institutions, pharmaceutical companies, and contract research organisations.

In 2023, The Binding Site entered the next phase of its growth journey when joining Thermo Fisher Scientific, the world leader in serving science. The acquisition by Thermo Fisher gives The Binding Site further opportunities to accelerate scientific discovery and expand its product offering. For Nordic Capital, this transaction marked a record exit in its history.

Key facts

Name: The Binding Site Group
Sector: Healthcare
Business: Global healthcare company specialising in protein diagnostics. The company researches, develops, manufactures, and distributes innovative tests to detect blood cancers and immune system disorders
Employees: Approx.1,200
Geography: Global, with direct presence in 23 countries and headquartered in Birmingham, UK
Investment date: 2011
Exit date: 2023
Ownership: The Binding Site was originally acquired by Nordic Capital VII in 2011 and has subsequently been owned by Nordic Capital CV1 from 2018 to 2023

Tests sold globally:

Scientific papers published:

Stefan Wolf, CEO of Binding Site comments the partnership with Nordic Capital:

How would you describe the partnership with Nordic Capital?

“We have benefitted greatly from our long-standing partnership with Nordic Capital and their sustained active support over the years to help us realise our vision and deliver for our customers and patients. Nordic Capital’s supportive approach to investments in R&D, coupled with deep insights in healthcare, has resulted in a consistent long-term strategy which has been essential to Binding Site.”

What are some of the key milestones achieved?

“We have been working with Nordic Capital for over a decade, and during this time there have been several milestones. Together, we made impressive changes within our organisational and operational footprint, resulting in more than doubling our number of employees since 2011. We introduced a new diagnostic platform and several additional tests, leading to further growth. Another important milestone is our geographical expansion. Today, we are direct in 23 markets and active in over 100 countries globally, serving more than 4,000 customers in hospitals, academic institutions, pharmaceutical companies, and contract research organisations.”