Novacyt makes cash offer for fellow UK diagnostics company as Covid-19 testing revenue dwindles
Novacyt made a cash offer for molecular diagnostics and screening solutions company Yourgene Health as it adjusts from a major drop in revenue due to declining demand for Covid-19 diagnostics.
The recommended offer for Yourgene of about £16.7 million has been agreed upon by both boards and is expected to close during the third quarter, the companies said Monday.
Novacyt, a UK-based diagnostics company, is looking to expand into other testing areas as its revenue returns to pre-pandemic levels, going from £92.6 million in fiscal 2021 to £21.0 million in fiscal 2022. To move beyond the pandemic, the company recently beefed up its research-use-only tests for monitoring of mpox and other infectious diseases, added a third-party distribution agreement for in vitro diagnostic assays, and teamed up with a non-governmental organization to help detect dengue, Zika and other viruses.
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