14 June 2023 | News
Expanding footprint from South East Asia into the markets of North Asia
Image credit: shutterstock
Inex Innovate, spun out from the National University of Singapore, has entered an agreement with UK listed Yourgene PLC to acquire 100% of its Taiwan genomics business Yourgene Health (Taiwan) Co,. Ltd- a genomics company with sales in Hong Kong, Japan and Taiwan.
The acquisition of the Yourgene Taiwan genomics business provides the Inex Group with increased capabilities in Foetal Health and Oncology Research & Development, Bioinformatics, Biobanking, and Clinical Laboratory Services in the domains of Reproductive Health and Gynaecological Cancers.
Additionally, the transaction provides a world class 10,000 sq. ft Next Generation Sequencing laboratory with a 25 strong team in the North Asia region to run and distribute the Group's proprietary diagnostic technologies in endometrial, breast and ovarian cancers, representing a significant milestone for the company.
Under the terms of the agreement Inex has agreed to pay up to $4 Million (SGD $5.4 million) including related milestone earnouts over the next two years and Inex forecasts the acquisition to contribute $3.5-4 million (SGD $4.7 – 5.4 million) additional revenues to the group in 2023. The transaction is subject to review and approval by Investment Commission, Ministry of Economic Affairs, Taiwan. which is expected to be completed in 8-12 weeks.