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Genetic Technologies Acquires EasyDNA To Expand Into Wellness Testing

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Genetic Technologies Acquires EasyDNA To Expand Into Wellness Testing
  • Genetic Technologies Limited (NASDAQ: GENEhas agreed to acquire EasyDNA's brand and distribution rights from BelHealth for $4 million in cash and stock.
  • EasyDNA currently sells paternity, oncology, and health & wellness genomics-based laboratory tests through agreements with 12 laboratories in North America, AsiaPac, and Europe.
  • In CY20, EasyDNA had total revenue of $4.63 million through online retail sales of its at-home DNA tests.
  • Under the terms of the agreement, the deal consideration comprises $2 million in cash, $1.5 million paid in GENE ADRs, and $500k in cash to be held in escrow payable to BelHealth.
  • EasyDNA revenue has grown by 11% in the last two years, and Gene will target opportunities for further growth.
  • Additionally, Genetic Technologies will be onboarding EasyDNA's existing team based in Malta and Australia. 
  • Price Action: GENE stock is up 1.16% at $3.50 during the premarket session on the last check Monday.
 

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