ASX Health Stocks: GTG set to jump into online after buying ecommerce outfit AffinityDNA

ASX health stocks 16 May 2022. Picture Getty Image share

Genetic Technologies buys out ecommerce company, AffinityDNA

Regis Healthcare says it expects to be fully reimbursed by the government for its COVID-19 costs of $14m

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Genetic Tech buys out online DNA test kits company

Genetic Technologies (ASX:GTG) jumped 16% this morning after entering into an agreement to acquire the UK-based direct-to-consumer ecommerce business, AffinityDNA.

The strategic acquisition is expected to strengthen the direct-to-consumer channel for GTG.

Under the terms, GTG will acquire all of AffinityDNA’s assets (including websites, brand identities, laboratory testing and distribution agreements) for a cash consideration of £555,000 ($980,000).50% will be paid on completion and, subject to the business attaining certain financial performance parameters, the other 50% will be paid one year from the completion date.AffinityDNA currently sells a wide range of DNA tests including lifestyle, health and wellbeing genomics-based tests, as well as animal testing related to allergies and tolerances via online marketplaces, importantly including Amazon.Its revenue has grown substantially over the last two years, and this acquisition will provide incremental distribution channels to GTG’s EasyDNA brand, enabling GTG to capitalise on commercial synergies. Genetic Technologies share price today: Other notable ASX health stocks announcements today Aged care provider Regis says that it has incurred approximately $14 million of COVID-19 related costs in outbreak homes for the period since the beginning of the year until 30 April.Of this, $4.5 million was spent in staff expenses, personal protective equipment, infection prevention and control, and employee welfare.Regis says it was told by the Department of Health that large volumes of COVID-19 related grant reimbursements are currently being processed, and this is causing significant delays in approving claims.As a result, Regis does not expect to receive approval from the […]

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