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Novacyt Completes Sale of Novaprep Assets

NEW YORK – Novacyt announced on Friday it has completed the sale of its Novaprep assets to Algimed Trade for a total of €400,000 ($446,000) and a 10 percent royalty on sales in certain geographies.

The sale follows a strategic review by Novacyt a year ago, during which the French firm decided Novaprep was a non-core business and outside of its in vitro diagnostic products expertise. In July, Novacy sold its clinical lab business for £400,000, and it will now focus on expanding the Primerdesign and Lab21 core reagent development and manufacturing businesses, it said. 

In connection to the Algimed deal, Novacyt received €150,000 in cash. It will receive the remaining €250,000 in deferred payments over three years, following the transfer of patents to Algimed, which is based in Belarus and specializes in complex equipment supplies for clinical and food testing laboratories. It formerly distributed Novaprep in Belarus.

The Novaprep assets covered by Friday's announcement includes the design and manufacturing rights for the Novaprep vial and NPS instrumentation and certain IP and commercial rights. Aligmed will pay Novacyt a 10 percent royalty on Novaprep products in certain, undisclosed territories for five years from completion of the deal.