RE: Dare I say it23 Jun 2021 12:19
Following on from butchers bikes post, from the Rns
In October 2020, the Company acquired IT-IS International Limited, a profitable diagnostic instrument development and manufacturing company, for a net cash consideration of £8.7m. IT-IS is the exclusive manufacturer of Novacyt's q16 and q32 rapid PCR instruments. The transaction reinforced our strategy, securing key IP, expanding our core capabilities in instrument manufacturing and strengthening our product offering in mobile PCR devices with an immediate increase in earnings.
IT-IS is an important addition to the business's capability, acquiring a deep knowledge of and expertise in PCR instrumentation to support continued innovation, and we now have a guaranteed supply of q16 and q32 instruments which can easily be scaled depending on demand.
So to reiterate net cost 8.7 mil and easily scaled up also its not even the sale of these machines which is fantastic but the fact our other 550 products can be used on them.