Elucigene Diagnostics announces proposed acquisition by Yourgene Health to create a leading molecular diagnostics group.
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
A team of 10 scientists and technicians from Elucigene Diagnostics have swapped their lab coats for headbands, completing a gruelling five mile Tough Mudder to raise money for the Cystic Fibrosis Trust.
The Manchester-headquartered genetics company is the European market leader in cystic fibrosis diagnostics and has been an official supporter of the charity for the past four years.
Raising more than £1000 the team has participated in a range of events including: charity bake offs, Jeans for Genes Day, Wear Yellow Day, and the Manchester 10K.
Held at Heaton Park, the Tough Mudder saw them contending with 10 obstacles and plenty of mud to raise £360 for the Trust.
But for the team, the highlight of the day was meeting a young lady with cystic fibrosis, who was taking part in the event, as Elliot Northrop, Manufacturing Technician at Elucigene, explained:
“By far the best moment of the day was meeting a enthusiastic, and cheerful young lady called Michelle at the start of the race.
“She asked if she could have a photo with the team. It was only afterwards that she explained she herself had cystic fibrosis, would be taking part in the event with us, and thanked us for all the work we do.
“It was wonderful to see someone with CF not only full of life and smiling from ear to ear, but also dominating this challenging course.
“It was a heart-warming moment and reinforced the pride we feel in the research and development we do day in, day out.”
Mark Street-Docherty, CEO at Elucigene Diagnostics, added: “We’re proud supporters of the Trust and regularly fundraise for it, but this event was particularly poignant for everyone involved, thanks to this touching moment.
“We’re a close-knit team here and everyone involved should be commended on a job well done.”