Novacyt S.A. Sale of Clinical Lab (0279G)
18 Julio 2019 - 9:30AM
UK Regulatory
TIDMNCYT
RNS Number : 0279G
Novacyt S.A.
18 July 2019
Novacyt S.A.
("Novacyt" or the "Company")
Sale of Clinical Lab
Novacyt continues to focus on driving value from its core
businesses
Paris, France and Camberley, UK - 18 July 2019 - Novacyt
(EURONEXT GROWTH: ALNOV; AIM: NCYT) an international specialist in
clinical diagnostics, announces it has completed the sale of its
clinical laboratory business (the "Clinical Lab") to Cambridge
Pathology BV (the "Buyer") for a total consideration of GBP400,000.
This sale will enable Novacyt to focus more closely on the
expansion and value of its core businesses, Primerdesign and
Lab21.
The sale of the Clinical Lab follows a strategic review of the
Novacyt Group, completed in December 2018. As a result, and as
previously announced, the Clinical Lab was deemed to be non-core
and not integral to the Company's in vitro diagnostic products
focus. The Clinical Lab is a small part of Novacyt's Lab21 business
based in Cambridge, UK, which specialises in clinical pathology
testing services in oncology and virology. For the financial year
ended 31 December 2018, the Clinical Lab reported revenue of
EUR765k, representing less than 6% of the Group's reported
revenues, and an EBITDA loss of EUR96k. The net assets of the
Clinical Lab at 31 December 2018 were EUR101k.
Graham Mullis, Group CEO of Novacyt, commented:
"I am pleased to announce the completion of the sale of the
Clinical Lab, which allows us to further streamline and focus our
operations. Novacyt remains committed to its core strengths of in
vitro diagnostics product development, commercialisation and
contract manufacturing and we are focused on driving value from
Primerdesign and Lab21 products. We will utilise the funds from the
transaction for working capital purposes as we continue to expand
our product offering and develop new and existing partnerships with
global diagnostics companies."
Dr Tony Cooke, Cambridge Pathology BV, commented:
"We are pleased to acquire the activities of the Clinical Lab
from Novacyt. To date, Lab21 has built an outstanding reputation
for quality services in molecular biology testing, with a focus on
oncology and virology field, and we look forward to working
together with the team in order to further expand activities in the
United Kingdom and beyond."
Consideration
The Company is receiving GBP100,000 in cash on completion and
the remaining GBP300,000 of cash will be received as follows:
i) GBP100,000 on 1 September 2019 ("the Retention"); and
ii) three instalments of GBP66,667 on the first, second and
third anniversary of completion of the sale ("the Deferred
Payments").
The Buyer is entitled to set-off against the Retention and
Deferred Payments any relevant claims that are agreed between the
Buyer and the Company.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
- End -
For further information, please refer to www.novacyt.com or
contact:
Novacyt SA
Graham Mullis, Chief Executive Officer
Anthony Dyer, Chief Financial Officer
+44 (0)1223 395472
SP Angel Corporate Finance LLP (Nominated Adviser and Joint
Broker)
Matthew Johnson / Jamie Spotswood (Corporate Finance)
Vadim Alexandre / Rob Rees (Corporate Broking)
+44 (0)20 3470 0470
WG Partners (Joint Broker)
Nigel Birks / Chris Lee / Claes Spång
+44 (0) 203 705 9330
FTI Consulting (International)
Brett Pollard / Victoria Foster Mitchell/ Mary Whittow
+44 (0)20 3727 1000
brett.pollard@fticonsulting.com/victoria.fostermitchell@fticonsulting.com/
Mary.whittow@fticonsulting.com
FTI Consulting (France)
Arnaud de Cheffontaines / Astrid Villette
+33 (0)147 03 69 47 / +33 (0)147 03 69 51
arnaud.decheffontaines@fticonsulting.com /
astrid.villette@fticonsulting.com
About Novacyt Group
The Novacyt Group is an international diagnostics business
generating an increasing portfolio of in vitro and molecular
diagnostic tests. Its core strengths lie in diagnostics product
development, commercialisation, contract design and manufacturing.
The Company's lead business units comprise of Primerdesign and
Lab21 Products, supplying an extensive range of high quality assays
and reagents worldwide. The Group directly serves oncology,
microbiology, haematology and serology markets as do its global
partners, which include major corporates.
For more information please refer to the website:
www.novacyt.com
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END
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