Biosynex completed the acquisition of Chembio Diagnostics for $17m.

Biosynex, a health care company, completed the acquisition of Chembio Diagnostics, a biotechnology company, for $17m. "The success of the Chembio acquisition marks a major step in the history of Biosynex. The integration of this structure into the Biosynex Group gives us direct access to the American market, which we believe is the most important in terms of turnover for the in vitro diagnostics industry. Chembio already benefits from numerous FDA approved products (510k, PMA and CLIA waived products). It is also recognized in the rapid HIV test market with WHO prequalified products that will open up new business opportunities for us internationally. In addition, we plan to exploit the many strong synergies between our businesses to create significant cost savings in an integrated organization. We are excited about becoming a global player in the rapid diagnostic test market," Larry Abensur, Biosynex CEO.