NEW YORK — Co-Diagnostics said on Wednesday that it has signed definitive agreements to acquire privately held biotech firms Idaho Molecular and Advanced Conceptions for nearly $50 million in stock and warrants.
Under the terms of the agreements, Salt Lake City-based Co-Diagnostics will acquire the two companies for roughly 4.72 million shares of newly issued common stock and 465,000 common warrants.
During late morning trading on the Nasdaq, shares of Co-Diagnostics were up $.57 at $9.61.
Co-Diagnostics said it has been working with Idaho Molecular and Advanced Conceptions, which are also based in Salt Lake City, on the development of its upcoming sample-to-answer YourTest at-home/point-of-care diagnostic device, which is based on the firm's Eikon PCR platform.
Co-Diagnostics said the acquisitions, expected to close before the end of the year, will provide it with the rights to all existing and future assets and intellectual property related to the technology as it begins principle and large-scale manufacturing of the YourTest device and an initial COVID-19 test.
In August, Co-Diagnostics reported a 14 percent year-over-year increase in second quarter revenues on demand for its Logix Smart COVID-19 test.