Corgenix Medical, a Colorado-based, worldwide developer and marketer of diagnostic test kits, has agreed to be acquired by Orgentec Diagnostika, a specialty diagnostics company headquartered in Mainz, Germany. The strategic acquisition will extend both companies’ global distribution networks and broaden their portfoliod of specialty diagnostic assays.
Corgenix shareholders will receive $0.27 in cash for each share of common stock in a transaction valued at approximately $16 million. The per-share price represents a 29% premium to the Corgenix average price of $0.21 over the 90-day period prior to the company’s March 12 announcement it was exploring strategic alternatives.
Together, Orgentec and Corgenix will offer more than 350 tests, primarily enzyme-linked immunosorbent assays (ELISA), that diagnose a range of conditions including autoimmune, vascular, infectious disease and organ function. As a combined company, they will serve hospitals and reference laboratories throughout Europe and the U.S., as well as emerging markets in Asia, Latin America and the Middle East.
The transaction is subject to approval by Corgenix shareholders and other customary closing conditions, and is expected to close in the fourth calendar quarter of 2014.