French Rapid Testing Company Scoops Up Chembio Diagnostics For $17M

Privately held Biosynex SA has agreed to acquire Chembio Diagnostics Inc CEMI for $0.45 per share in an all-cash transaction valued at $17.2 million.
The acquisition combines two rapid diagnostic test companies.
Chembio, based in the U.S., focuses on infectious disease assays. Biosynex, based in France, provides a diversified portfolio of rapid tests covering different market segments, including infectious disease and women's health tests, Point of Care devices, and molecular diagnostics systems.
Also Read: Rapid Test For Monkeypox? NY-Based Chembio Diagnostics Thinks They Can Pull It Off.
Biosynex will operate Chembio and its 100% owned German, Brazilian, and Malaysian subsidiaries as a wholly-owned group.
Chembio's sexually transmitted infection, tropical & fever, and respiratory assays complement Biosynex's current virology portfolio to create a more comprehensive offering.
The combined organization can leverage increased manufacturing scale, consolidated operating overhead, and reduced public company and administrative costs to improve product gross margins and operating margins.
Price Action: CEMI shares are up 22% at $0.44 on the last check Wednesday.