An private equity fund has acquired one of the most successful biotech companies to grow out of Birmingham in a multi-million pound deal.

Nordic Capital Fund VII has acquired The Binding Site Corporation Limited from its founder and chairman Prof Jo Bradwell for an undisclosed fee although the company’s autoimmune arm was sold two years ago for £80 million.

Binding Site, based at Calthorpe House, at Five Ways, in Edgbaston, specialises in the research, development, manufacture and sale of medical diagnostic products. With extensive expertise in antibody specificity technology, Binding Site gives clinicians and laboratory staff tools to improve diagnosis and management of patients across a range of B-cell cancers and immune system disorders.

Prof Bradwell will retian a small holding in the company as well as a place on the board and the current management will continue to run the company.

Prof Bradwell said: “With the help of a highly talented group of people here at Binding Site, as well as with our extensive links throughout the global medical community, we have built an excellent business.

"We have worked very hard to be the leaders in our chosen field, and in Nordic Capital I believe we have found a very supportive partner. I am highly confident that the company will continue to develop and grow for long into the future.”

Kristoffer Melinder, Managing Partner NC Advisory AB, advisor to the Nordic Capital Funds, said: “Nordic Capital has followed the development of Binding Site for some time and has been impressed by the performance of the Company and the strength of its product portfolio.

"With the strategic and financial support of Nordic Capital, Binding Site can further strengthen its position as the world’s leading supplier of IVD assays for identifying and monitoring B-Cell dyscrasias and PID.”