Clackmannanshire-based clinical test supplier Omega Diagnostics has agreed to buy its larger rival, Cambridgeshire-headquartered Genesis-CNS, in a reverse takeover worth £6.7m.
The deal has been partially funded by a £2.2m share issue and a £1.2m loan from the Bank of Scotland.
Omega supplies clinical tests for diseases such as syphilis, tuberculosis and dengue fever. Genesis-CNS has developed a range of in-vitro diagnostic test kits specialising in the areas of autoimmune disease, infectious disease and food intolerance. The firm supplies its kits to hospital laboratories in 27 countries.
According to Omega, Genesis-CNS generated sales of almost £2.2m in the year ending October 2006.