Seneca portfolio company, Yourgene Health, to acquire Elucigene

Seneca portfolio company, Yourgene Health, to acquire Elucigene

Two medical-focused companies based in Manchester have joined forces in a £9.2m acquisition.

AIM-listed Yourgene Health, the international molecular diagnostics group which commercialises genetic products and services, has conditionally agreed to acquire Elucigene.

Elucigene is a leading molecular diagnostics manufacturer and developer.

The deal will be satisfied by the payment of £6.3m in cash and the issue of 24,581,111 new ordinary shares.

Lyn Rees, Yourgene chief executive, said: “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, chief executive of Elucigene, said: “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.”

 

For full article: Link here

Important information

This information is of a general nature and does not constitute an offer to provide services.

The opinions and conclusions given here are those of Seneca Partners and are subject to change without notice.

The value of investments and/or any income arising from them may fluctuate.

Past performance is not necessarily a guide to future performance.

Important notice

The products and services shown on this website place capital at risk. Investors may receive less in returns than they have invested. Investments may not allow for capital to be withdrawn on demand. If an investment provides tax relief then this relief is subject to change and is dependant on personal circumstances. Any reference to past performance or forecasted performance is not a reliable indicator of future performance.

Seneca Partners recommends that any investor seeks specialised financial and/or tax advice before investing. Seneca Partners does not provide advice and the information on this website, including but not limited to news, should not be construed as such.

Please confirm that you understand this warning and wish to proceed.