Eurobio Scientific surged on the Paris Bourse on Tuesday, after announcing that it would be pursuing its international expansion with the acquisition of DID in Italy, Europe's third-largest diagnostics market.

At around 10:00 a.m., shares in the specialist in vitro diagnostics company rose by over 6%, making it one of the biggest gains on the Paris market.

In a press release, the Paris-based group stated that it had signed an agreement to acquire 100% of the capital of Diagnostic International Distribution SPA (DID), a company specialized in the distribution of in vitro diagnostic tests throughout Italy.

DID currently markets specific products of the Eurobio Scientific group, distributing the EurobioPlex range of PCR tests for infectious diseases.

In 2022, DID generated sales of 26.8 million euros.

The cash acquisition - for an undisclosed amount - is expected to be finalized within approximately 45 days.

With a population of around 60 million, Italy is Europe's third-largest in vitro diagnostics market, after Germany and France, with annual sales of around 1.9 billion euros to hospital and private laboratories.

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