(Alliance News) - Yourgene Health PLC on Tuesday said it bought AGX-DPNI SAS, for EUR2.4 million plus up to a maximum of EUR1.7 million, based on sales growth performance criteria.
AGX-DPNI is a newly formed entity comprised of the NIPT distribution business of AdGeniX SarL, Yourgene's current French distribution partner for its IONA test.
The AIM-listed molecular diagnostics company said it has raised gross proceeds of GBP2.5 million by way of a subscription of 17.5 million new shares at a price of 14.3p per share with BGF Investment Management Ltd, an existing shareholder of Yourgene.
The net proceeds of this subscription will be used to satisfy the initial cash consideration, Yourgene said, and for general working capital purposes.
"The acquisition of our French distributor makes sense for Yourgene on a number of levels. This has an immediate and positive impact on earnings and is an opportunity to fully capitalise on our rising NIPT sales in this growing market alongside our current direct sales of additional reproductive health products," explained Yourgene Chief Executive Lyn Rees.
AIM-listed Yourgene shares were trading 3.6% higher in London on Tuesday at 14.76 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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