Genetic Technologies Acquires EasyDNA To Expand Into Wellness Testing

Genetic Technologies Limited GENE has agreed to acquire EasyDNA's brand and distribution rights from BelHealth for $4 million in cash and stock.
EasyDNA currently sells paternity, oncology, and health & wellness genomics-based laboratory tests through agreements with 12 laboratories in North America, AsiaPac, and Europe.
In CY20, EasyDNA had total revenue of $4.63 million through online retail sales of its at-home DNA tests.
Under the terms of the agreement, the deal consideration comprises $2 million in cash, $1.5 million paid in GENE ADRs, and $500k in cash to be held in escrow payable to BelHealth.
EasyDNA revenue has grown by 11% in the last two years, and Gene will target opportunities for further growth.
Additionally, Genetic Technologies will be onboarding EasyDNA's existing team based in Malta and Australia.
Price Action: GENE stock is up 1.16% at $3.50 during the premarket session on the last check Monday.