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NGeneBio to Acquire New Jersey Lab, Expand NGS Testing in US

NEW YORK – South Korean diagnostics firm NGeneBio said Monday that it will acquire New Jersey-based Toplab in a deal expected to provide NGeneBio a pathway to offer its next-generation sequencing-based diagnostic services in the US.

NGeneBio said that Toplab's CLIA-certified facility will allow it to receive contracts for NGS-based testing services from most US states. Additionally, Toplab will enable it to form collaborations and contract testing service agreements with large hospitals, pharmaceutical companies, and cancer centers in the New Jersey, New York, and Pennsylvania region. The firm said that the CLIA-certified lab currently provides blood and drug testing services, while Toplab has had stable revenue and profits since it was established five years ago. The lab recorded revenues of $8 million in 2023.

Financial and other terms of the agreement were not disclosed.

"Through the acquisition of Toplab, we have secured another important foothold in the Eastern US," NGeneBio CEO Dae-Chul Choi said in a statement. He added that the firm aims to form additional partnerships that will let it expand into more markets and become a global leader in NGS-based precision diagnostics.

Last month, NGeneBio acquired a CLIA laboratory established by Veris in 2022 in a deal to discover new biomarkers and analytical services in cancer and dementia. The company also announced last month that it had inked a memorandum of understanding with molecular diagnostics firm Genolution to develop and launch an automated NGS testing system.