Biosynex SA and Chembio Diagnostics, Inc. have entered into a definitive merger agreement under which Biosynex, through a subsidiary, will acquire Chembio in an all-cash transaction valued at $17.2 million.
Ernst & Young LLP is acting as financial advisor and White & Case LLP is serving as legal counsel to Biosynex. Craig-Hallum Capital Group is acting as financial advisor and K&L Gates LLP is serving as legal counsel to Chembio.
Chembio Diagnostics is a Medford, New York-based point-of-care diagnostics company focused on infectious diseases, including sexually transmitted infections, respiratory viruses and fever and tropical disease. Chembio’s total revenue for 2021 was $47.8 million.
Biosynex SA designs, manufactures and distributes Rapid Diagnostic Tests, as well as diagnostic equipment for healthcare professionals and the general public.
According to data captured in the LevinPro HC database, this acquisition represents the tenth Laboratories, MRI and Dialysis transaction of 2023 and the fifth in the diagnostics subsector. Throughout 2022, there were 132 Laboratory, MRI and Dialysis and 68 diagnostics acquisitions announced.
