British-based Yourgene Health, a molecular diagnostic company that develops tests for non-invasive prenatal screening and other applications, announced plans to buy Elucigene Diagnostics, a manufacturer and distributor of clinical assays used to test cystic fibrosis and other common genetic diseases.
Yourgene Health will fund the acquisition with $12 million in cash and stock. The company also plans to sell 975 million shares for the deal.
The company said in a statement that the transaction will bolster its product portfolio and help its global expansion.
Yourgene expects the deal to be immediately accretive to earnings.