SINGAPORE, June 13, 2023 /PRNewswire/ -- INEX INNOVATE a Singapore based molecular diagnostics group specialising in fetal and women's health, announces today that it has entered an agreement with UK listed Yourgene PLC (LON: YGEN) to acquire 100% of its Taiwan genomics business Yourgene Health (Taiwan) Co,. Ltd. A genomics company with sales in Hong Kong, Japan and Taiwan.
The acquisition of the Yourgene Taiwan genomics business provides the INEX Group with increased capabilities in Fetal Health and Oncology Research & Development, Bioinformatics, Biobanking, and Clinical Laboratory Services in the domains of Reproductive Health and Gynaecological Cancers. Additionally, the transaction provides a world class 10,000 sq. ft Next Generation Sequencing laboratory with a 25 strong team in the North Asia region to run and distribute the Group's proprietary diagnostic technologies in endometrial, breast and ovarian cancers, representing a significant milestone for the company.
Kane Black, Chief Executive Officer of INEX Innovative, commented on the acquisition: "This strategic move marks a significant milestone in INEX's journey of growth and expansion in the field of reproductive, fetal and women's oncology diagnostics and importantly expands our footprint from South East Asia into the markets of North Asia. By combining our market knowledge, research capabilities and operational efficiencies with the Taiwan genomics business, we see possibilities to create positive impact in expanded territories, with an increased product portfolio in line with our three "A's" of Accuracy, Affordability and Accessibility." He added "we look forward to continue working with the Yourgene PLC team to grow and expand the business."
Under the terms of the agreement INEX has agreed to pay up to US$4 Million (SGD$5.4m) including related milestone earnouts over the next two years and INEX forecasts the acquisition to contribute US$3.5-4 million (SGD$4.7 – 5.4m) additional revenues to the group in 2023. The transaction is subject to review and approval by Investment Commission, Ministry of Economic Affairs, Taiwan. which is expected to be completed in 8-12 weeks.
About INEX Innovate
INEX Innovate is one of Asia's fastest growing medical technology developers and medical laboratory operators. Spun out from the National University of Singapore (NUS), INEX is Asia's first Women's health technology group. Founded by maternal-fetal medicine specialists, INEX focuses on developing and commercializing molecular diagnostic technologies in the areas of fetal health and women's oncology.
For more information visit: www.inex.sg