French Rapid Testing Company Scoops Up Chembio Diagnostics For $17M
$CEMI
Biotechnology: In Vitro & In Vivo Diagnostic Substances
Health Care
- Privately held Biosynex SA has agreed to acquire Chembio Diagnostics Inc (NASDAQ:CEMI) for $0.45 per share in an all-cash transaction valued at $17.2 million.
- The acquisition combines two rapid diagnostic test companies.
- Chembio, based in the U.S., focuses on infectious disease assays. Biosynex, based in France, provides a diversified portfolio of rapid tests covering different market segments, including infectious disease and women's health tests, Point of Care devices, and molecular diagnostics systems.
- Also Read: Rapid Test For Monkeypox? NY-Based Chembio Diagnostics Thinks They Can Pull It Off.
- Biosynex will operate Chembio and its 100% owned German, Brazilian, and Malaysian subsidiaries as a wholly-owned group.
- Chembio's sexually transmitted infection, tropical & fever, and respiratory assays complement Biosynex's current virology portfolio to create a more comprehensive offering.
- The combined organization can leverage increased manufacturing scale, consolidated operating overhead, and reduced public company and administrative costs to improve product gross margins and operating margins.
- Price Action: CEMI shares are up 22% at $0.44 on the last check Wednesday.