EKF Diagnostics Group, the buy and build point of care diagnostics company recently re-launched by Julian Baines and David Evans, has announced its third acquisition. The company is buying Dublin based Argutus Medical Ltd., which specialises in developing biomarkers for organ injury. In the all-paper deal, EKF plans to issue 9.7 million shares at 22.43p to the vendors for a total consideration of £2.2 million.
Argutus, which was spun out of Biotrin International via an MBO in 2008, has discovered and developed a number of diagnostic tests kits for the early detection of kidney, liver and pancreas injury. Following the acquisition, EKF will focus on commercialising point of care diagnostic products for the early detection of kidney damage in diabetics.
Cormac Kilty, Argutus CEO, will join the EKF management team as chief technology officer following the completion of the acquisition.
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