NEW YORK – Singaporean cancer diagnostic firm Biolidics announced Friday it has entered into an agreement to acquire Biomedics Laboratory for up to S$3.7 million ($2.6 million).
Under the deal, Biolidics will pay S$100,000 when the acquisition is completed and can defer the rest of the payment for up to two years. If the company finishes paying in one year, the total cost would be S$3.5 million. Otherwise, the cost of the deal would be S$3.7 million.
Biolidics will gain immediate access to Biomedics' resources, allowing the company to provide diagnostic services and contract research services to clinicians and biopharma companies, Biolidics said. The firm may also develop new diagnostic tests using its circulating-tumor-cell technology with third-party diagnostic tests provided by Biomedics.
Biomedics, which is also based in Singapore and owned by SAM Laboratory, a subsidiary of Clearbridge Health, operates a College of American Pathologists-accredited lab in Singapore offering genetic tests and cancer-related diagnostic tests.
Biolidics also entered a distribution agreement with Clearbridge to distribute diagnostic tests in Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Hong Kong, China, and Australia.