Benzinga | Jul 19, 2021 09:27AM EDT

Genetic Technologies Acquires EasyDNA To Expand Into Wellness Testing

* Genetic Technologies Limited (NASDAQ:GENE) has agreed to acquire EasyDNA's brand and distribution rights from BelHealth for $4 million in cash and stock.

* EasyDNA currently sells paternity, oncology, and health & wellness genomics-based laboratory tests through agreements with 12 laboratories in North America, AsiaPac, and Europe.

* In CY20, EasyDNA had total revenue of $4.63 million through online retail sales of its at-home DNA tests.

* Under the terms of the agreement, the deal consideration comprises $2 million in cash, $1.5 million paid in GENE ADRs, and $500k in cash to be held in escrow payable to BelHealth.

* EasyDNA revenue has grown by 11% in the last two years, and Gene will target opportunities for further growth.

* Additionally, Genetic Technologies will be onboarding EasyDNA's existing team based in Malta and Australia.

* Price Action: GENE stock is up 1.16% at $3.50 during the premarket session on the last check Monday.