# HyTest Invest Oy (海肽生物)
HyTest Invest Oy (Chinese: 海肽生物) is a Finnish developer and manufacturer of antibodies, antigens, and other immunological raw materials for the in vitro diagnostics (IVD) industry. Founded in 1994 in Turku as a spinoff from a project within Turku University, the company has been wholly owned by China's Shenzhen Mindray Bio-Medical Electronics since September 2021 and was stated at closing to continue operating as an upstream reagent supplier.[1](https://www.reuters.com/business/healthcare-pharmaceuticals/chinas-mindray-buy-diagnostic-test-material-supplier-hytest-661-mln-2021-05-17/) • [2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest) • [3](https://eqtgroup.com/about/current-portfolio/hytest)
| Fact | Detail |
|---|---|
| Founded | 1994, Turku, Finland, as a Turku University spinoff[3](https://eqtgroup.com/about/current-portfolio/hytest) |
| Business | Monoclonal and polyclonal antibodies, antigens, sera, and plasma for IVD manufacturers[4](https://hytest.fi/about-us) • [5](https://www.preqin.com/data/profile/asset/hytest-ltd-/294412) |
| Employees at 2021 sale | Around 130 in Turku[6](https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535) |
| Customers and reach | Over 2,000 customers; reagents used in tests run on over 300 million patients yearly; over 20 disease groups[6](https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535) |
| Ownership | Summa Equity majority stake from September 2018; Mindray 100% from 22 September 2021[6](https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535) • [2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest) |
| Sale price | €545 million announced (~USD 661 million); €532 million final transaction price at closing[1](https://www.reuters.com/business/healthcare-pharmaceuticals/chinas-mindray-buy-diagnostic-test-material-supplier-hytest-661-mln-2021-05-17/) • [2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest) |
| Status | Operating under Mindray ownership; led by CEO Netta (Fatal) Keinänen as of 2024 (aggregator record, unverified)[5](https://www.preqin.com/data/profile/asset/hytest-ltd-/294412) |
## Founding and early history
HyTest was founded in 1994 by a group of scientists who, according to the company's own account at the time of its 2018 investment, were still members of senior management nearly a quarter century later.[7](https://hytest.fi/news/summa-equity-acquires-finnish-antibody-manufacturer-hytest) The company is based in Turku, Finland, and operates as HyTest Invest Oy with subsidiaries; Mindray's Chinese press release gives 海肽生物 as its [Chinese name](https://www.edgepedia.org/chinese-name).[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest)
In September 2018 Summa Equity acquired a majority stake, its first investment in the Finnish market, with the founders and management remaining significant shareholders. At that point HyTest had around 100 employees and held market-leading positions in [cardiac markers](https://www.edgepedia.org/cardiac-marker) and influenza testing reagents; EQT Credit provided unitranche financing to support the deal.[7](https://hytest.fi/news/summa-equity-acquires-finnish-antibody-manufacturer-hytest) • [3](https://eqtgroup.com/about/current-portfolio/hytest)
## Products and scientific role
HyTest supplies the raw materials that sit upstream of hospital diagnostic tests: monoclonal and polyclonal antibodies, antigens, sera, and plasma sold to IVD original equipment manufacturers and research organizations.[3](https://eqtgroup.com/about/current-portfolio/hytest) • [5](https://www.preqin.com/data/profile/asset/hytest-ltd-/294412) The company describes itself as a leading provider of reagents for troponin I immunoassays, the blood tests used to diagnose heart attacks, as well as for certain infectious diseases.[4](https://hytest.fi/about-us)
A marker of that position came in 2004, when HyTest's troponin I-T-C complex was selected by the [American Association for Clinical Chemistry](https://www.edgepedia.org/american-association-for-clinical-chemistry) (AACC) as the raw material for the international troponin standard.[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest) Its product lines cover more than 20 disease groups, including cardiac markers, inflammation, and infectious diseases.[6](https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535)
## Acquisition by Mindray
On 16 May 2021 Mindray announced its intention to acquire HyTest for €545 million in cash; Reuters reported the agreement, signed on 15 May, at an estimated €545 million, about USD 661 million.[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest) • [1](https://www.reuters.com/business/healthcare-pharmaceuticals/chinas-mindray-buy-diagnostic-test-material-supplier-hytest-661-mln-2021-05-17/) Summa Equity, the majority owner since September 2018, signed the definitive sale agreement the same week, with completion expected in the second half of 2021.[6](https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535)
The deal closed on 22 September 2021. Mindray stated the final transaction price was €532 million, covering the equity price, repayment of HyTest's debt, and locked-box interest.[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest)
Mindray's stated rationale was supply independence. HyTest had been a core-material supplier to Mindray for more than a decade, and the company said its own capacity for making antibodies and antigens in-house, including for COVID-19 tests, fell behind the mainstream level of the industry; the acquisition was meant to increase the proportion of core materials made in-house.[1](https://www.reuters.com/business/healthcare-pharmaceuticals/chinas-mindray-buy-diagnostic-test-material-supplier-hytest-661-mln-2021-05-17/) Mindray also cited research attributing more than 50% of IVD reagent quality problems to raw materials.[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest)
## By the numbers
At the 2021 sale HyTest had around 130 employees in Turku, more than 2,000 customers with preferred-supplier status at many of them, including the leading global IVD companies, and reagents used in tests run on over 300 million patients yearly.[6](https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535) Mindray's announcement states that roughly 90% of HyTest's R&D staff hold doctoral or higher degrees.[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest)
The data aggregator Preqin records revenue of about USD 32.5 million in fiscal 2021, up 22.2% year on year, with an EBITDA margin of about 52%, up from about USD 7.8 million in fiscal 2009; these figures are unverified beyond the aggregator.[5](https://www.preqin.com/data/profile/asset/hytest-ltd-/294412) No independent source in the available record confirms revenue, patent counts, or a competitor comparison.
## Status since 2021
Mindray stated at closing that HyTest would continue as a professional upstream raw-material supplier, providing long-term, stable, and sufficient supply to global IVD customers.[2](https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest) Preqin records Netta (Fatal) Keinänen as CEO as of 2024, unverified beyond that source.[5](https://www.preqin.com/data/profile/asset/hytest-ltd-/294412) No independent reporting on HyTest's operations in 2024–2026 appears in the available record, and its current legal status has not been verified against the Finnish Trade Register.
## References
1. Reuters, "China's Mindray to buy diagnostic test material supplier HyTest for $661 mln" — https://www.reuters.com/business/healthcare-pharmaceuticals/chinas-mindray-buy-diagnostic-test-material-supplier-hytest-661-mln-2021-05-17/
2. Mindray, "迈瑞医疗完成对免疫原材料供应商HyTest的并购交易" — https://www.mindray.com/cn/media-center/press/mindray-acquired-hytest
3. EQT, "HyTest | EQT Portfolio" — https://eqtgroup.com/about/current-portfolio/hytest
4. HyTest, "About HyTest" — https://hytest.fi/about-us
5. Preqin, "HyTest Ltd. Asset Profile" — https://www.preqin.com/data/profile/asset/hytest-ltd-/294412
6. Summa Equity (Cision), "Summa Equity has agreed to sell HyTest to Mindray for €545 million" — https://news.cision.com/summa-equity/r/summa-equity-has-agreed-to-sell-hytest-to-mindray-for--545-million,c3347535
7. HyTest, "Summa Equity Acquires Finnish Antibody Manufacturer HyTest" — https://hytest.fi/news/summa-equity-acquires-finnish-antibody-manufacturer-hytest
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Health, biotech, and medtech startups › Life science tools and reagents suppliers*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026; Oct 25, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license