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French Rapid Testing Company Scoops Up Chembio Diagnostics For $17M

Vandana Singh
·1 min read

  • 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.

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This article French Rapid Testing Company Scoops Up Chembio Diagnostics For $17M originally appeared on Benzinga.com

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