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Biohit Buys Euroclone's Gastrointestinal Dx Business

NEW YORK (GenomeWeb News) – Finnish biotech firm Biohit said on Monday it has agreed to buy Euroclone Gastro, a subsidiary of Italian firm Euroclone that is focused on gastrointestinal diagnostics.

The deal is anticipated to close this month. Following its completion, Euroclone Gastro will form a Biohit-owned subsidiary, Biohit Healthcare, to support the distribution of Biohit's diagnostic products in Italy.

Euroclone Gastro was founded in March to facilitate the transaction announced on Monday, Biohit said, noting that Euroclone had served as its distributor in Italy.

Biohit has developed a gastrointestinal biomarker test for screening and diagnosis of Helicobacter pylori infection and damage or dysfunction of the mucous membrane of the stomach.

Under terms of the acquisition, Biohit is issuing 180,000 new shares of its Series B stock to Euroclone. The purchase price will be determined by Biohit's share price the day before the closing date of the acquisition.

Euroclone's gastrointestinal diagnostics business generated €800,000 in sales in 2012. It had a "slight" net loss during the year and has assets and inventory totaling €100,000, said Biohit.

Upon the creation of Biohit Healthcare, Franco Aiolfi will serve as its managing director, Biohit said.

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