Genetic Technologies Ltd MELBOURNE, Australia, May 16, 2022 (GLOBE NEWSWIRE) — Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”), a global leader in genomics-based tests in health, wellness and serious disease advises that it has entered into an agreement to acquire the direct-to-consumer eCommerce business and distribution rights associated with AffinityDNA.
Acquisition Highlights Strategic acquisition continues to strengthen the direct-to-consumer channel for GENE.
Provides an additional platform to grow our extensive portfolio of consumer-based genomics tests across AffinityDNA’s well-established markets worldwide, including in the US, UK, and Europe.
Under the terms of the agreement, GENE will acquire all of AffinityDNA’s assets (including websites, brand identities, laboratory testing and distribution agreements) for a cash consideration of £555,000 (c. US$683,000); 50% payment on completion and, subject to the business attaining certain financial performance parameters, 50% one year from the completion date.
AffinityDNA’s revenue has grown substantially over the last two years and this acquisition will provide incremental distribution channels to our EasyDNA brand and will enable GENE to capitalise on commercial synergies.
AffinityDNA currently sells a wide range of DNA tests including lifestyle, health and wellbeing genomics-based tests, as well as animal testing relating to allergies and tolerances via online marketplaces, importantly including Amazon.
GENE announces that it has entered into an agreement to acquire the brand and distribution rights of AffinityDNA for £555,000 (c.US$683,000). The acquisition of AffinityDNA will provide GENE with an additional and complementary platform to further build our existing direct-to-consumer offerings and lifestyle division.
This marks the second acquisition for GENE within the past 12 months as part of its planned expansion into the direct-to-consumer market. In July 2021, the Company acquired EasyDNA, giving it access to all its associated brands, websites and reseller agreements which includes over 70 websites in 40 […]
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