Yourgene Health is an AIM listed international molecular diagnostics group which develops and commercialises genetic products and services. Elucigene is a Manchester-based molecular diagnostics manufacturer and developer.
The acquisition consideration of £9.2 million comprises of £6.3 million cash, £2.9 million equity and £0.4 million of net cash, representing an enterprise value of £8.8 million.
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.”
Jeffreys Henry LLP undertook financial due diligence in respect of the acquisition.
Yourgene were delighted with the quality and speed of Jeffreys Henry’s team who acted as Investigating accountants on this latest acquisition of Delta Diagnostics by Yourgene Health Plc as well on the original reverse acquisition and admission to AIM.
With a total of 23 UK listed clients, and a further 15 listed on European markets, Jeffreys Henry LLP’s specialist capital markets team provide a cost-effective audit and reporting accountancy services to companies already listed, or considering listing, on the London Stock Exchange, Official List, AIM, NEX and other European markets.
Nick specialises in providing Audit, Reporting Accountancy and Advisory services to capital market clients, including LSE, AIM, NEX, GEM and CSE listed companies, during times of accelerated growth.