Hough Consolidated Pty Ltd Acquisition of Ellume
McCullough Robertson’s Insolvency & Restructuring and Corporate teams are acting for Hough Consolidated Pty Ltd (Hough) in its $56 million acquisition of Ellume, a COVID-19 rapid antigen test manufacturer.
The Brisbane-based Ellume was an IPO hopeful before going into voluntary administration in early September 2022, owing investors, staff and other creditors almost $140 million.
Hough and its related entities operate a diagnostics business that supplies rapid antigen tests to point-of-care providers and self-test markets, including supermarkets, convenience stores and pharmacies. The acquisition will see Hough continue to run Ellume in Australia and the US, retaining its employees. The deal gives Hough access to Ellume’s fluorescent immunoassay technology, the result of decade-long research and development following the swine flu pandemic of 2009-10, which quickly pivoted to tackling COVID-19 with more precise diagnoses.
McCullough Robertson has assisted Hough in preparing its offer to the administrators of Ellume and is acting for Hough in settling the acquisition.
Lead partner, David O’Farrell comments, “We are proud to support Hough in this acquisition, which will see them continue to make impactful technological advances in the healthcare industry.”