Last checked at 21 Dec 2023 07:00
Novacyt S.A.
("Novacyt", the "Company" or the "Group")
Update on Taiwan laboratory disposal
Paris, France, Eastleigh and Manchester, UK - 21 December 2023 - Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international molecular diagnostics company with a broad portfolio of integrated technologies and services, announces an update to the conditional disposal of its laboratory in Taiwan, which it acquired as part of the Yourgene Health plc ("Yourgene") acquisition completed on 8 September 2023.
On 13 June 2023, Yourgene announced the conditional divestment of its Taiwanese subsidiary, Yourgene Health Taiwan Co Ltd ("Yourgene Health Taiwan"), to INEX Innovate Pte Ltd ("INEX"), a Singapore-based molecular diagnostics company focused on women's and fetal health, for proceeds of up to US$4m (approximately £3.2m).
As previously announced, the divestment is conditional upon Yourgene completing a pre-Closing restructure (the "Restructure") to facilitate the transfer of retained people and assets to other Group companies, which must be approved by the Taiwanese Government, and INEX then being granted Taiwanese Government approval for the planned acquisition as required for non-Taiwanese acquirers. The Restructure is now complete, however the various approvals have taken significantly longer to achieve than originally anticipated and management do not expect the transaction to complete by the end of 2023 as previously announced.
Both parties remain committed to completing the transaction and the Group is continuing to work with INEX to obtain the necessary approvals as quickly as possible. Novacyt will provide a further update on the disposal as part of its trading update in January 2024.
Contacts
Novacyt SA | +44 (0) 23 8074 8830 | ||
James Wakefield, Non-Executive Chairman James McCarthy, Acting Chief Executive Officer | |||
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) | +44 (0)20 3470 0470
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Matthew Johnson / Charlie Bouverat (Corporate Finance) Vadim Alexandre / Rob Rees (Corporate Broking) | |||
Deutsche Numis (Joint Broker) | +44 (0)20 7260 1000 | ||
Freddie Barnfield / Duncan Monteith / Michael Palser | |||
Allegra Finance (French Listing Sponsor) | +33 (1) 42 22 10 10 | ||
Rémi Durgetto / Yannick Petit | r.durgetto@allegrafinance.com / y.petit@allegrafinance.com | ||
Walbrook PR (Financial PR & IR) Stephanie Cuthbert / Paul McManus / Phillip Marriage / Alice Woodings | +44 (0)20 7933 8780 or novacyt@walbrookpr.com +44 (0)7796 794 663/ +44 (0)7980 541 893 + 44 (0)7867 984 082 / +44 (0)7407 804 654
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About Novacyt Group (www.novacyt.com)
Novacyt is an international molecular diagnostics company providing a broad portfolio of integrated technologies and services, primarily focused on the delivery of genomic medicine. The Company develops, manufactures, and commercialises a range of molecular assays and instrumentation to deliver workflows and services that enable seamless end-to-end solutions from sample to result across multiple sectors including human health, animal health and environmental.
Novacyt is headquartered in Vélizy in France with offices in the UK (in Stokesley, Eastleigh and Manchester), Taipei (divestment pending), Singapore, the US and Canada and has a commercial presence in over 65 countries. The Company is listed on the London Stock Exchange's AIM market ("NCYT") and on the Paris Stock Exchange Euronext Growth ("ALNOV").
For more information, please refer to the website: www.novacyt.com