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Thursday, February 22, 2024

Pinsent Masons, EY Abogados advise on Atrys acquisition of Bienzobas

Pinsent Masons has advised Atrys Health, S.A., a global company that provides precision medical diagnostic and treatment services, on its 100% acquisition of Spain´s Bienzobas from Nexxus Iberia, which was advised by EY Abogados

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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 accessible 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.

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.

Bienzobas, which recorded a turnover of €30.62 million 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.”

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.

Pinsent Masons advised Atrys Health with a Corporate/M&A team made up of partner Inmaculada Castelló, together with associate Tatiana Fernández de Casadevante.

Francisco Aldavero and Rosa Cañas

On the other hand, EY Abogados advised Nexxus Iberia on the sale of Bienzobas Salud. EY Abogados’ team  advising Nexxus Iberia was formed by partner Francisco Aldavero and senior manager Rosa Cañas.

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