UK developer of medical diagnostics devices Osmetech continued the strategy to build on its healthcare diagnostics business with the acquisition this week of the Atlanta-based 'OPTI' product line of blood gas analysers owned by Swiss healthcare company Roche Diagnostics.
The deal, completed on Wednesday, will see Osmetech paying out €3.3 million over a 12-month period while Roche will invest $1 million in Osmetech by way of a subscription.
Commenting on the acquisition James White, chief executive of Osmetech said: 'Today Osmetech has moved from pre-revenue to a business with a robust revenue stream and established product portfolio. We now have a strong presence in theUS market… we have secured an experienced team with a track record of successfully driving products from development through to revenue.'
As part of the agreement the company issued 21,821,422 ordinary shares of 1p each to Roche at an average price of approximately 2.8p - representing approximately 4.4 per cent of the ordinary share capital.
Crewe-based Osmetech is currently focusing its e-nose IP development on sensors that can detect bacteria associated with a number of healthcare applications in the near patient and point of care testing markets.