Novacyt UK said the acquisition of Yourgene Health is in line with its post-Covid-19 strategy to shore up long-term growth. Image credit: Shutterstock/SKT Studio.

Diagnostics company Novacyt UK has agreed to purchase UK-based genomic medicine company Yourgene Health in a £16.7m ($21.3m) deal.

A subsidiary of Novacyt S.A., Novacyt UK will take over Yourgene Health at a price of 0.522p per share. The deal is expected to close in September 2023.

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Following the news, Yourgene Health shares listed on the London Stock Exchange opened 103% higher compared to the pre-announcement market close (29 June). The company has a current market cap of £15.4m.

Novacyt experienced financial success during the Covid-19 pandemic with its range of testing products. The company said the acquisition is in line with its post-Covid-19 strategy to shore up its long-term growth, with the company aiming to diversify its portfolio and continue geographic expansion.

Yourgene Health will bring reproductive health expertise to Novacyt, focusing on screening products for non-invasive prenatal tests (NIPT). It also offers precision medicine such as its assay for variants in the dihydropyrimidine dehydrogenase (DPD) enzyme.

Yourgene CEO Lyn Rees said: “The board of Yourgene welcomes the offer from Novacyt UK. The prospect and scale of what the new enlarged group could bring to our customers, employees and other stakeholders are exciting given the complementary fit of both businesses.”

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“Whilst the two companies work within the same molecular diagnostic space, they both bring distinctive strengths and are focused in different market segments, which opens up further opportunities for growth.”