Biosynex Entered into a Definitive Merger Agreement to Acquire Chembio Diagnostics for ~$17.2M
Shots:
- Biosynex to acquire all outstanding shares of Chembio at $0.45/share representing a premium of 27% over the closing price of Chembio stock on Jan 2023 in an all-cash transaction valued at $17.2M. The transaction is expected to close in Q1'23
- The acquisition combines two industry leaders’ expertise to accelerate and enhance product development & helps to broaden the Biosynex footprint globally. Chembio focuses on infectious disease assays covering sexually transmitted infections, respiratory viruses and fever, and tropical disease
- Additionally, Chembio’s differentiated tests enhance the Biosynex rapid diagnostic portfolio & consolidation of operations offering potential cost savings, synergies, and value creation
Ref: Globe NewsWire | Image: Biosynex
Related News:- Takeda and Chembio Diagnostics Collaborate to Develop Point-of-Care Diagnostic Test
Click here to read the full press release
Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
