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Yourgene Health Fundraises To Buy Delta Diagnostics For GBP9 Million (ALLISS)

Wed, 17th Apr 2019 17:29

LONDON (Alliance News) - Yourgene Health PLC on Wednesday proposed an acquisition of Delta Diagnostics UK Ltd for an enterprise value of GBP8.8 million.

The diagnostic products developer said acquisition consideration of GBP9.2 million includes GBP400,000 net of cash.

The company said it will pay vendors of Delta GBP6.3 million cash and GBP2.9 million equity.

The cash consideration for the acquisition will be funded by a fundraise, comprising a placing of shares to institutional investors and the subscription by certain directors of Yourgene. In each case at an issue price will be 10.25 pence per new share, the company said.

Yourgene shares closed 1.2% lower on Wednesday at 11.24p each.

The company said it intends to raise a minimum of GBP10.0 million, but has the flexibility to increase the size of the fundraise to up to GBP11.8 million, before expenses.

Stifel Nicolaus Europe Ltd is acting as sole bookrunner in relation to the placing, and Cairn Financial Advisers LLP is acting as the company's nominated adviser.

Yourgene highlighted that any proceeds from the fundraise in excess of the cash consideration will be used to provide additional working capital for the enlarged company.

Meanwhile, the equity consideration for the acquisition will be satisfied through the issue of 24.6 million new shares to Delta shareholders at an issue price of 11.7p each.

Yourgene said acquisition of Delta offers a complementary suite of CE-IVD marked products focused on reproductive health, strengthening the company's position in the prenatal testing pathway, with pipeline of reproductive health and oncology products.

In 2018, Delta generated revenue of GBP3.6 million and adjusted earnings before interest, taxes, depreciation, and amortization of GBP1.0 million.

"The combination of the businesses will immediately increase our commercial footprint to 57 territories, adding an additional 150 customers to the enlarged group into which we will aim to cross-sell our respective complementary products," explained Yourgene Chief Executive Lyn Rees.

"We are excited to be consolidating our position within molecular diagnostics and accelerating our road to profitability," added Rees.

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