Novacyt Société Anonyme signed a definitive agreement to acquire Primerdesign Ltd for £9.9 million.
Primer Design reported revenues of 5.3 million (£3.9 million) and EBITDA of 1.8 million (£1.32 million) in 2015. The transaction is subject to customary conditions, approval by Novacyt's shareholders of the issuance of new shares to Primer Design's shareholders during an extraordinary general meeting scheduled for February 22, 2016 and the securing of finance for the cash portion of the purchase price. The transaction is expected to close by early March 2016. Currency conversion has been done using www.oanda.com. As on February 22, 2016, shareholders of Novacyt approved the transaction. As of April 1, 2016, Novacyt secured the financing of 7 million comprising of 5 million in shares and 2 million in debt raised from Kreos Capital. As of April 25, 2016, Novacyt completed 7 million financing having raised a total of 7.75 million. Transaction is expected to close by May 12, 2016. Shoosmiths LLP acted as legal advisor to Primerdesign Ltd.