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Meridian Bioscience Inc (NASDAQ: VIVO) has agreed to acquire the North American BreathTek business from Otsuka America Pharmaceutical Inc for $20 million in cash.
The transaction will close in Meridian's fiscal fourth quarter, which ends in September.
With this acquisition, Meridian will assume the customer relationships in North America to supply BreathTek, a urea breath test to detect Helicobacter pylori.
Meridian expects the acquisition to add more than $20 million of annual revenue, enhancing its diagnostics segment. The deal will be accretive to earnings and cash immediately.
As of 31 March, the company reported cash and cash equivalents were .4 million and $110 million of borrowing capacity under its $160.0 million commercial bank credit facility.
Price Action: VIVO shares are up 0.21% at $18.98 during the market session on the last check Friday.
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