EKF Diagnostics proposes acquisition of Selah Genomics and DiaSpect Medical

20th Mar 2014 11:10

EKF Diagnostics has entered into conditional agreements to buy US-based Selah Genomics and Swiss firm DiaSpect Medical.The company has proposed raising £22m through the placement of 14,285,714 new ordinary shares and a conditional placing of 48,571,428 new ordinary shares at a placing price of 35p, representing 23% of share capital. Proceeds will be used to help fund the acquisitions. The proposed acquisition of Selah, developer of molecular diagnostics for personalised medicine, is valued at a total of $70.6m. DiaSpect Medical, manufacturer of point-of-care haemoglobin analysers, will be bought for about £20.75m.Chief Executive of EKF, Julian Baines, said: "These acquisitions provide us with a huge opportunity to establish ourselves as a leading global player in point-of-care haemoglobin testing and to consolidate our position in molecular diagnostics and personalised medicine, an area that we consider to be one of the most exciting areas in diagnostics."Shares fell 1.39% to 35.50p at 11:19 on Thursday. RD