French rapid test manufacturer Biosynex and Chembio Diagnostics, point-of-care diagnostics company focused on infectious diseases, have announced that the companies are to merge.
Under the definitive merger agreement, Biosynex, through a subsidiary, will acquire Chembio for $0.45 per share, representing a premium of 27% compared to the closing price of Chembio stock on 30 January 2023, in an all-cash transaction valued at $17.2 million.
The acquisition combines two leading rapid diagnostic test companies. Each company specialises in the development, manufacturing and marketing of point-of-care diagnostic tests for the professional and at home markets. Chembio, based in the United States, focuses on infectious disease assays covering sexually transmitted infections, respiratory viruses and fever and tropical disease, built on the DPP, SURE CHECK and STAT-PAK proprietary, accurate and easy-to-use technology platforms.
Biosynex, based in France, provides pharmacies and professional healthcare settings with 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.
Biosynex will operate Chembio and its 100% owned German, Brazil and Malaysia subsidiaries as a wholly owned group.
“The acquisition of Chembio significantly advances our mission to develop, manufacture and market rapid diagnostics for screening, diagnosis and prevention to facilitate patient care and monitor health,” said Larry Abensur, CEO of Biosynex. “Chembio’s portfolio of diagnostic solutions and technology platforms complement our current test portfolio. Additionally, there are numerous strong synergies across our businesses that can be leveraged to create significant cost savings as a scaled organisation. We are excited to enhance our position as key European player for professional point-of-care and self-test diagnostics.”