Manchester-headquartered molecular diagnostics group Yourgene has bought a French counterpart and raised £2.5m.
AGX-DPNI S.A.S is a newly formed entity comprising the non-invasive prenatal testing (NIPT) distribution business of AdGeniX for an initial cash consideration of £2.0m and up to £1.4m in cash earn-out payments based on sales growth performance criteria.
France is a key growth market for NIPT with 75 per cent growth in Yourgene NIPT volume sales in 2019.
Customers are mainly large private laboratory networks which have nationwide coverage.
Lyn Rees, chief executive of Yourgene, said: "The acquisition of our French distributor makes sense for Yourgene on a number of levels.
"This has an immediate and positive impact on earnings and is an opportunity to fully capitalise on our rising NIPT sales in this growing market alongside our current direct sales of additional reproductive health products.
"Whilst this provides us with our first direct commercial presence in Europe, and gives us an EU-based presence post-Brexit, it also opens up access to high growth French-speaking African and Middle Eastern markets not previously addressed by Yourgene."
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