Generex Biotechnology Corp. said it completed the acquisition of the first tranche of certain assets from an undisclosed business involved in healthcare supplies.
In an Oct. 4 news release, the company said it will buy going-concern assets of a business providing certain specialty pharmacy services and products; surgical products and services, diagnostic testing for screening human blood, urine or saliva samples for the presence of narcotics, medications, alcohol and other drugs and substances; durable medical equipment services; ancillary healthcare services; and the provision of management services.
The Miramar, Fla.-based diagnostics company said the purchased assets generated more than $66 million in unaudited revenues in the past 12 months.
The acquisition will allow the company to qualify for up-listing its common stock to trade on the Nasdaq Capital Market.
Generex, which sells diagnostics for infectious diseases, is also planning to issue a 20-for-1 stock dividend with details to be disclosed later.
Brooks Houghton & Co. Inc. acted as Generex's M&A adviser, and Eckert Semans Cherin & Mellott LLC served as its counsel for the asset purchase.