Paris, France, Eastleigh and Manchester, UK – 21 December 2023 – Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international molecular diagnostics company with a broad portfolio of integrated technologies and services, announces an update to the conditional disposal of its laboratory in Taiwan, which it acquired as part of the Yourgene Health plc (“Yourgene”) acquisition completed on 8 September 2023.
On 13 June 2023, Yourgene announced the conditional divestment of its Taiwanese subsidiary, Yourgene Health Taiwan Co Ltd (“Yourgene Health Taiwan”), to INEX Innovate Pte Ltd (“INEX”), a Singapore-based molecular diagnostics company focused on women’s and fetal health, for proceeds of up to US$4m (approximately £3.2m).
As previously announced, the divestment is conditional upon Yourgene completing a pre-Closing restructure (the “Restructure”) to facilitate the transfer of retained people and assets to other Group companies, which must be approved by the Taiwanese Government, and INEX then being granted Taiwanese Government approval for the planned acquisition as required for non-Taiwanese acquirers. The Restructure is now complete, however the various approvals have taken significantly longer to achieve than originally anticipated and management do not expect the transaction to complete by the end of 2023 as previously announced.
Both parties remain committed to completing the transaction and the Group is continuing to work with INEX to obtain the necessary approvals as quickly as possible. Novacyt will provide a further update on the disposal as part of its trading update in January 2024.
Contacts
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Novacyt SA |
+44 (0) 23 8074 8830 |
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James Wakefield, Non-Executive Chairman James McCarthy, Acting Chief Executive Officer |
