Medical firm Omega Diagnostics makes £5m acquisition
The medical testing company Omega Diagnostics has agreed to buy a German lab-testing firm for £5m.
The acquisition of the diagnostics division of Allergopharma Joachim Ganzer will be funded by a £7.5m share placing.
Allergopharma is headquartered near Hamburg where it produces allergy testing kits for medical practitioners.
Alva-based Omega said the acquisition would help it enter the global, mainstream allergy testing market.
David Evans, non executive chairman of Omega Diagnostics, added: "It is a very attractive, growing market which we know well and the acquisition complements our existing intolerance testing business."
Omega produces medical testing products for conditions such as food intolerance and autoimmune disease.
It exports to around 100 countries and employs 65 staff.
A total of 29 people work in Allergopharma's diagnostics business.