The Binding Site: a global leader in specialist protein diagnostics | Nordic Capital

The Binding Site: a global leader in specialist protein diagnostics

The Binding Site has continued to build on its strong scientific foundations, supporting research and development within its field and responding to the changing needs of patients, researchers and clinicians.

About The Binding Site

Binding Site provides specialist diagnostic products for detection, monitoring and analysis of certain blood cancers and immunological disorders to clinicians and laboratory professionals globally. With extensive expertise in the technology around antibody specificity, Binding Site provides the tools to significantly improve the diagnosis and management of patients across a range of cancers and immune system disorders.

The UK head office houses all product development, manufacturing, global distribution and marketing. Worldwide customer support is also provided by a further seven offices in the US and Europe.


As part of its in-depth sector coverage, Nordic Capital identified Binding Site as an attractive opportunity in 2010 and 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 to acquire the company.

Our extensive experience and deep sector knowledge helped secure the trust of the founder, who retained a minority shareholding in the company and continued to support the business after the acquisition as a member of the board and R&D Committee.

Investment rationale

  • Significant room for continued market penetration of core products.
  • Strong R&D culture and attractive product pipeline.
  • Academic origins with research focus.
  • Potential for operational improvement.

Building the business 

  • Nordic Capital recruited a strong new management team and professionalised central functions, including financial reporting and control.
  • Following a successful pilot in the US, the sales force was increased and refocused in order to increase penetration in particular market segments.
  • Nordic Capital funds made significant investment in R&D, with the Company successfully increasing the penetration of its core Oncology assays; and commercialising a new family of assays in co-operation with a leading cancer research institute.
  • The Company also placed more of its own analysers in laboratories and hospitals, transitioning more customers on to Binding Site’s proprietary instrument platforms. This led to the launch of the company’s second generation analyser, Optilite.

In April 2018, Nordic Capital’s 2008 vintage fund, Fund VII successfully closed the transfer of its remaining nine unlisted portfolio companies including Binding Site, to a continuation vehicle, Nordic Capital CV1. Fund VII’s original term expired in December 2017 and by this transaction, Nordic Capital will have the opportunity to maximise the value creation potential of these nine companies, providing them with active support and fresh capital over an additional five-year holding period under continued Nordic Capital management.