Molecular diagnostics group Yourgene Health has agreed to acquire a North American preparation technology company and has raised £16.1m through a placing.
The placing of 95 million shares at the placing price of 17 pence per share was conducted through an accelerated bookbuilding process.
The money raised will fund the initial cash consideration for the acquisition of Vancouver-based Coastal Genomics, with the acquisition designed to extend the group's offering and IP portfolio in the DNA sample preparation sector.
The deal is being completed for a consideration of up to $13.5m, comprising initial consideration of $3m in cash and $2.5m in equity and contingent consideration of up to $8m payable in cash and equity.
Funding secured through the placing will also be used for general corporate and working capital purposes, as well as accelerating the company's commercial activities, including new products and services.
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