Trinity Biotech, the Dublin-based, but Nasdaq-listed biotechnology group, has bought the product line of a drug which is used for testing for drug abuse, including the abuse of cocaine and opiates.
Trinity is paying $1.7 million (£1.2 million) in cash and loan notes to Diatech for its Microzyme product line for hormones and drug testing. An additional $300,000 is being paid for inventories. Trinity intends to manufacture Microzyme at its plant in Jamestown, New York.
Trinity chief executive, Mr Ronan O'Caoimh, said that the acquisition would be immediately earnings-enhancing, but that Trinity would not feel the full effect of the deal until manufacturing was transferred at the beginning of next year.