Chembio Diagnostics soars on planned buyout by Biosynex

Biosynex SA

01/02/2023 14:17

** Shares of Chembio Diagnostics Inc  CEMI.O  jump 22.2% to
$0.44 premarket 
    ** Late on Tuesday, French rapid test maker Biosynex SA
agreed to buy CEMI in an all-cash deal valued at $17.2 mln
    ** Biosynex, through a subsidiary, to acquire Chembio for
$0.45 per share, representing a 25% premium to CEMI's closing
price on Tuesday
    ** The acquisition would give the French diagnostics firm
access to CEMI's tests for sexually transmitted infections and
respiratory viruses and expand Biosynex's presence in the United
States
    ** The deal is expected to close in the first quarter of
2023, said the companies
    ** Shares of CEMI have risen 63.9% so far in 2023, recouping
a large part of their losses in 2022
 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))