OraSure Technologies plans to acquire Canada-based DNA Genotek, a provider of oral fluid sample collection, stabilization and preparation products for molecular diagnostic applications, for about $53m in cash.
OraSure will strengthen its position in oral fluid diagnostics through the acquisition as DNA Genotek will offer a complementary portfolio of products for easy and reliable collection, stabilisation, transportation and storage of high quality nucleic acid (DNA and RNA) samples.
DNA Genotek president and CEO Ian Curry said the acquisition will be instrumental in taking the company to the next level and will increase the ability to capitalise quickly on the opportunity in rapidly growing molecular research and clinical diagnostic markets.
Completion of the transaction is subject to the satisfaction of customary closing conditions.
The transaction is expected to close in the third quarter of 2011 upon satisfaction of customary closing conditions.
Post transaction, DNA Genotek will operate as a wholly-owned subsidiary of OraSure.