NEW YORK (GenomeWeb News) – Norwegian cancer diagnostics company NorDiag has signed a deal to buy DNA sample prep company Genpoint, also based in Norway, in a stock deal worth NOK 83.3 million ($13.3 million), NorDiag said last week.
NorDiag said the acquisition will expand its cancer and infectious diagnostics line and will help speed its colorectal cancer test to the market.
Under the agreement, NorDiag will exchange as much as 9.8 million of its own shares to acquire 90.1 percent of Genpoint's outstanding shares. Proceeds from the placement will fund new product roll-out and company growth, NorDiag said.
The company also plans to conduct a rights issue of shares for as much as NOK 10 million after the deal closes.
NorDiag's board will meet to approve the transaction on March 16. It also plans to name Jan Olav Steensland, J. Frode Vaksvik, and Mattias Uhlen as new board members.
Last year, Genpoint worked with NorDiag to help automate and improve NorDiag's DNA isolation capability.