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Healthcare company Concepta has acquired The Genome Store in a deal that could be worth up to £520,000.
The Genome Store is a provider of home-administered postal genome test services, based in Manchester.
The deal included an initial consideration of £280,000 payable in shares, Concepta said, with a deferred consideration of up to £240,000, also payable in shares but linked to performance milestones.
The Genome Store will be rebranded as Concepta, the company said, with the initial launch of home testing kits scheduled for Q4 2020. A pipeline of further tests is due to be commercialised from the first quarter of next year.
Penny McCormick, chief executive officer of Concepta, said: 'The incorporation of this development and operational expertise into Concepta provides a platform on which to broaden our horizons to develop new commercial relationships, and unlocks our potential to develop an exciting portfolio of at-home tests that supports families as they increasingly seek to take care of their own wellbeing from their own home.
'As the testing horizon changes, we look forward to working with our new team in the expansion and launch of our initial development pipeline. We remain committed to the development of connected technology through our fertility testing platform, whilst adding to our portfolio to support personalised family health.'
At 1:35pm: (LON:CPT) Concepta Plc share price was 0p at 1p