Cambridge Biotech Corp. of Worcester, Mass., has acquired theIrish diagnostic company Noctech Ltd.
Cambridge, which had held an 18 percent equity interest inNoctech, has exchanged 1,036,683 of its shares for all ofNoctech's common stock. Cambridge will have about 18,049,000shares outstanding after the new stock issues, saidspokeswoman Christina Pappas. Cambridge common stock(NASDAQ: CBCX) closed unchanged Tuesday at $5.38 per share.
Noctech will be Cambridge's European manufacturing facilityand will accelerate the company's penetration into theEuropean diagnostic market, said Pappas.
Last month, Cambridge entered a multiyear distributionagreement with Ortho Diagnostic Systems Inc. for worldwidedistribution of Cambridge diagnostics to detect HIV and HTLVretroviral infections. Financial details were not disclosed.
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