Premaitha Health gains clearance for Yourgene Bioscience acquisition

Molecular diagnostics group Premaitha Health has gained regulatory clearance for the acquisition of Taiwan-based Yourgene Bioscience, a non-invasive prenatal testing bioinformatics specialist.

AIM-listed Premaitha believes that the acquisition will increase its access to Asia for non-invasive prenatal testing, as well as provide cross-selling opportunities.

The acquisition of Yourgene has received regulatory clearance as required by Taiwanese law and legal completion is expected to take place on 2 March.

About 76.05m new shares in the Premaitha will be admitted to trade on AIM, and once admitted the company will have 321.21m shares.

Dr Bill Chang and Alan Chang from Yourgene will be appointed as directors of Premaitha on completion of the acquisition.

Chairman Adam Reynolds said: "The combination of Yourgene and Premaitha will create a truly global platform from which we are able to offer safe, non-invasive prenatal screening tests to pregnant women.

“The board is also looking forward to working with the enlarged team, in particular to raise awareness of non-invasive prenatal testing in Asia Pacific, which we believe will be a key growth market for Premaitha. The recent wins in Indonesia and India will also add sizeable target populations to the company's activities."

Shares in Premaitha Health were up 6.52% to 12.25p at 1225 GMT.