Diagnostics group Trinity Biotech posted a higher quarterly profit and said it agreed to sell its coagulation business to privately held Stago Group for $90 million (€65.4 million), sending its shares up as much as 14 per cent.

The transaction is expected to close during the second quarter and 320 of Trinity’s employees will transfer to Stago, the company said.

It said Stago was committed to continue manufacturing coagulation products at Trinity’s Bray plant and would invest in upgrading the facility.

Trinity chief executive Ronan Ó Caoimh said the company was confident it would have developed its coagulation business but the price offered exceeded the market cap of the entire company over the past three months.

Trinity Biotech said that following completion of the sale, it would invest in its research and development operation here.

For the fourth quarter, profits rose about 118 per cent, helped by improved gross margins and tighter cost control. Net profit for the quarter was $3.2 million, or 15.5 cents a share, compared with $1.5 million, or 7.1 cents a share, a year ago. – (Additional reporting: Reuters)