A subsidiary of OraSure Technologies, a Pennsylvania-based diagnostics company, has signed a $143 million deal to provide DNA sample collection kits to a consumer testing company, according to a filing on the SEC’s website. OraSure acquired Ottawa-based DNA Genotek in 2011.
The deal announcement was the driving force behind a 20 percent spike in the OraSure’s share price. DNA Genotek’s product portfolio enables the collection, stabilization, transportation and storage of DNA and RNA samples. Its salive sample DNA collection kit Oragene Dx received FDA clearance in 2011.
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Last year OraSure agreed to provide a foreign government with $18 million of product, mainly to support the country’s HCV testing and treatment program.
In the nine months through September 30, OraSure nearly doubled net profits to $23.6 million compared with $12.5 million for the same period in 2016, according to its most recent financial report.
It launched an automated assembly line for Oragene collection kits last month, with another expected to come to market next spring, according to The Morning Caller newspaper
In June, the company agreed to provide its HIV self-tests at “an affordable price” to 50 developing countries in a deal with the Bill & Melinda Gates Foundation via the Gates Foundation.
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The global market for direct-to-consumer Genetic Testing is projected to exceed $350 million by 2022, according to data from Global Industry Analysts.