Chembio Diagnostics Acquires Orangelife to Expand Infectious Disease Testing Presence in Brazil

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on November 25, 2019, local time, Chembio Diagnostics, a leading U.S. point-of-care diagnostic company specializing in infectious diseases, announced the completion of its acquisition of Orangelife (Orangelife Comercio e Industria Ltda.), pursuant to a previously agreed-upon acquisition agreement.

Prior to this, in accordance with the terms of the agreement reached between the two companies on November 7, 2019, Chembio Diagnostics had prepaid Orangelife $150,000 in cash and 153,707 shares of common stock. The delivery status of the remaining consideration for this acquisition has not been disclosed.

Furthermore, following the acquisition, Orangelife will be renamed Chembio Diagnostics Brazil Ltda. and will operate as a wholly owned subsidiary of Chembio Diagnostics.

Orangelife, founded in 2011 and headquartered in Rio de Janeiro, Brazil, is a company specializing in the production and sales of point-of-care testing systems and equipment for infectious diseases. The company manufactures a range of ANVISA-approved point-of-care infectious disease testing and diagnostic systems, including Brazil’s first ANVISA-approved HIV self-testing system. Orangelife’s infectious disease diagnostic devices are produced at its facility in Rio de Janeiro, Brazil, which is ISO-certified and ANVISA-accredited for the manufacturing of Class II, III, and IV medical devices.

Regarding this acquisition, John Sperzel, CEO of Chembio Diagnostics, stated: “The acquisition of Orangelife strategically expands our commercialization efforts and strengthens our presence in Brazil. We consider Brazil to be one of the most attractive markets for infectious disease testing worldwide. We are delighted to provide leading point-of-care testing technologies and devices to the public, individual, and pharmaceutical sectors, while offering additional local support to our long-term partner, Bio-Manguinhos.”

Chembio Diagnostics is a leading medical diagnostics company focused on the detection and diagnosis of infectious diseases. The company owns the patented DPP® technology platform, which delivers high-quality, low-cost test results to users in approximately 15 minutes using a single drop of capillary blood from a fingerstick. Chembio Diagnostics’ products are sold worldwide directly or through distributors to hospitals and clinics, physician offices, clinical laboratories, public health organizations, government agencies, and consumers.

(Compiled by Wang Fang)