FTI Consulting’s John Park is wasting no time trying to find a new owner for biotech Ellume Ltd.
FTI Consulting’s John Park is wasting no time trying to find a new owner for biotech Ellume Ltd, launching a two-stage auction and instructing tyrekickers to be ready to move quickly.
Ellume founder Sean Parsons hosts Maryland governor Larry Hoganat the company’s facility in April. Six months later, Ellume is up for sale.The flyer, dated October 7, said Brisbane-based Ellume had more than $230 million in gross product sales last financial year and was on track to be able to make 600,000 testing kits a day at its new production facility.
The flyer revealed Ellume had signed a $US47 million US government contract extension in September, in a bid to show customer orders hadn’t seized up when the company was handed to administrators. It said Ellume could produce 200 million tests a year, the bulk of which would come from its Maryland factory in the US.What it didn’t reveal is exactly why Ellume, backed by Australian institutional investors and previously working on a $500 million-plus float, has gone bust.
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