Dealing in Yourgene shares suspended ahead of conclusion to £16.7m takeover
Dealing of shares in Manchester-based molecular diagnostics group, Yourgene Health, was suspended this morning (September 8), following agreement of its £16.7m takeovery by Anglo-French biotechnology group, Novacyt.
An application has been made to the London Stock Exchange for the de-listing and cancellation of admission to trading of the Yourgene Shares on AIM, which is expected to take effect at, or around, 7am. on September 11, 2023.
The boards of Yourgene and Novacyt announced on July 3, that they had agreed the terms of a recommended cash offer.
The scheme was agreed on August 17, by the required majority of shareholders at a Court Meeting and, on September 7, it was announced that the Court had sanctioned the scheme, which has now become effective, with Novacyt UK Holdings Limited now the owner of all Yourgene shares.
Yourgene announced a partnership with Novacyt in March 2020 to support production of COVID-19 diagnostic tests. The tests were developed by Primerdesign, Novacyt’s molecular diagnostics division, and the deal related to contract manufacturing services with Novacyt.
The Novacyt acquisition price of 0.522p per share represents a premium of approximately 167.7 per cent to the closing price of 0.195p per Yourgene Share on June 30, 2023, being the last business day prior to the date of the announcement.
Both boards say the enlarged group is expected to create a more scaled, diversified operator in the diagnostics sector.
The acquisition combines highly complementary technologies and services, with the enlarged group able to leverage mutual research and development capabilities for ongoing product development and portfolio enhancement to improve the customer offering.
Yourgene primarily develops, manufactures, and commercialises simple and accurate molecular diagnostic solutions, for reproductive health, precision medicine and now infectious diseases. These include pre-natal tests for down’s syndrome and other genetic disorders, and cystic fibrosis screening tests.
Novacyt specialises in the design, manufacture and supply of real-time PCR kits, reagents and a full range of laboratory and qPCR instrumentation for molecular biology research and clinical use.
Last December Yourgene revealed it had raised £6.4m in a share placing in order “to secure the future of the business”.
