Centogene N.V. CNTG shares are roaring higher on Tuesday after the company announced a collaboration with Lifera to form a Saudi Arabian joint venture.
The Details:
Centogene announced a collaboration with Lifera to form a joint venture that will focus on providing multiomic testing services to patients, health systems, biopharma clients and research institutions in Saudi Arabia and countries of the Gulf Cooperation Council. Under the terms of the collaboration, the company will receive a $30 million mandatory convertible loan from Lifera.
"Teaming up with Lifera marks a significant step forward in our mission to deliver data-driven, life-changing answers to patients around the world and forms a pathway to achieving sustainable growth and profitability for Centogene," said Kim Stratton, CEO at Centogene.
CNTG shares are rising on very high trading volume. According to data from Benzinga Pro, over 23 million shares have been traded in Tuesday's session far outpacing its 100-day average of less than one million shares.
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CNTG Price Action: According to Benzinga Pro, Centogene shares are trading over 47% higher at $1.15 at the time of publication.
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