18 April 2019: Manchester, UK: Elucigene Diagnostics, Manchester based molecular diagnostics group is thrilled to announce a proposed acquisition Yourgene Health (AIM: YGEN).
The planned acquisition is to the value of £9.2 million (comprising £6.3 million cash and £2.9 million equity). This includes £0.4 million of net cash, representing an enterprise value of £8.8 million.
Yourgene Health is an international molecular diagnostics group which develops and commercialises genetic products and services. Their first commercialised CE-IVD products are non-invasive prenatal screening solutions for Down’s Syndrome and other genetic disorders, targeting a share of an emerging billion-dollar global market. They have a complementary product portfolio with further genetic testing products and services in the reproductive health and oncology fields. This will strengthen the enlarged groups position in the prenatal testing pathway, with a healthy pipeline of products in development.
The enlarged groups global footprint and customer base will increase through direct or indirect sales, enabled by an increased combined sales force for the enlarged group. The enlarged group will have an increased depth of products and technologies and will leverage its combined skillset to develop and launch additional next generation sequencing and other molecular diagnostic products for commercialisation.
Lyn Rees, CEO of Yourgene, commented: “The acquisition of Elucigene will strengthen Yourgene’s product portfolio within reproductive health and produce cross-selling opportunities across our client bases. 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. We have a unique opportunity to bring our skill sets together under one roof, expand our combined sales force and leverage our respective technical and regulatory expertise and partnerships to extend our genetic testing offering. We are excited to be consolidating our position within molecular diagnostics and accelerating our road to profitability.”
Mark Street-Docherty, CEO of Elucigene, commented: “We believe strongly in the rationale for bringing Elucigene’s business together with Yourgene’s and this is reflected in the executive management team of Elucigene rolling the majority of its equity into Yourgene. We look forward together to continuing to deliver innovative products that improve patient outcomes.”
Further details of the proposed acquisition can be found at https://polaris.brighterir.com/public/premaitha/news/rns/story/wk57edw/export
For more information, please contact:
Yourgene Health plc
Lyn Rees, Chief Executive Officer
Barry Hextall,Chief Financial Officer
Joanne Cross, Head of Marketing
Tel: +44 (0)161 667 1054
Vigo Communications (PR)
Ben Simons / Fiona Henson / Antonia Pollock
Tel: +44 (0)20 7390 0238