Escalon Medical has acquired Immunodiagnostic Systems Holdings’s (IDS’s) hematology business for E4.2 million which is being remitted over a period of 48 months from the completion date of December 31, 2008.
The directors believe that the disposal of this business will allow the group to focus on its main activities of manual immunoassay production and the launch of the new automated analyser, the IDS iSYS.
According to IDS, this disposal will also lead to increased profits of the company as the hematology business is loss-making. The funds, as and when received, will be used to reduce the company’s net debt and improve working capital.