Meridian Bioscience Announces Agreement to Acquire Business of GenePOC; Adds State-of-the-Art Molecular Diagnostics Platform - Yahoo Finance
CINCINNATI--(BUSINESS WIRE)-- Meridian Bioscience, Inc. ( VIVO ), a provider of diagnostic testing solutions and life science raw materials, today announced it has entered into a definitive agreement to acquire the business of GenePOC Inc., a Quebec City, Quebec, Canada based provider of molecular diagnostic instruments and assays. Founded in 2007, GenePOC has approximately 100 employees and generated total revenues of less than $1 million in calendar 2018. Meridian has agreed to make a cash payment at closing of the transaction of $50 million with future payments totaling up to an additional $70 million contingent upon the successful achievement of certain technical development milestones and sales thresholds. Strategic Fit and Rationale With the acquisition, Meridian will be getting GenePOC’s state-of-the art revogene TM molecular diagnostics platform, which offers sample to result testing for single tests, as well as flexible multiplexing capability. The Company believes revogen...