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Posted: June 27, 2012
  • Company News

Abingdon Health Acquires controlling stake in Forsite Diagnostics

Forsite Diagnostics Ltd now trading as Abingdon Health

Abingdon Health (“Abingdon” or “the Company”), a specialist medical diagnostics company, announces that it has made an investment and acquired a controlling 80% interest in Forsite Diagnostics Ltd (Forsite), a private UK-based contract developer and manufacturer of lateral flow assay diagnostic products. The Food and Environment Research Agency (FERA) will remain shareholders of Forsite.

Abingdon Health's lateral flow assay reagents sprayerThe acquisition complements Abingdon’s current businesses, providing it with the manufacturing capability to produce point of care diagnostics, including key tests from its own portfolio. In addition, it strengthens the Company’s development and sales and marketing capabilities.

Forsite Diagnostics Ltd, located at the Sand Hutton Innovation Campus, York (now known as York Biotech Campus), was spun-out from DEFRA in 2007 and has established a strong and diverse customer base, which includes European regulatory authorities, multinational diagnostic and food companies. The company has invested in creating a state of the art manufacturing facility, which has the capacity to produce many millions of lateral flow tests per annum.

Chris Hand, CEO of Abingdon Health said: “Today’s acquisition follows our recent investment in Molecular Vision and creates a focal point for our other activities. It is another important step towards our strategy of creating a fully integrated, medical diagnostics business. Forsite brings an established customer base and a manufacturing infrastructure, which will enable us to produce our own diagnostic products.

“Abingdon now has the ability to develop, manufacture and sell a wide spectrum of diagnostic reagents and kits. This includes the synthesis of relevant peptides and production of antibodies as well as integrated medical diagnostic reagent-instrument systems

“We continue to look for other appropriate opportunities to strengthen our business and provide Abingdon with the critical mass to enable it to exploit opportunities within the US$11.2bn global immunodiagnostics market. We would like to thank our shareholders for supporting this acquisition.”

In March 2012 Abingdon acquired a controlling stake in Molecular Vision, which is developing a low-cost, lab-quality, point-of-care diagnostic test called BioLED that can simultaneously test for multiple disease markers. In November 2010, the Company entered a joint venture with the University of Birmingham called Bioscience Ventures Limited, which is commercialising the intellectual property generated at the University in the field of medical diagnostics.

Adrian Belton, Fera’s Chief Executive, said “We welcome this development which complements Fera’s own ambitions to grow its diagnostics capability in the core areas of…

Click this link to read the full press release: Abingdon_Health_Acquires_Forsite_Diagnostics Ltd

Reagents sprayer used during lateral flow test development

desktop and mobile reader technologies used with lateral flow devices