Novacyt And Yourgene Ink Covid-19 Test Manufacturing Deal

(Alliance News) - Novacyt SA and Yourgene Health PLC on Wednesday unveiled a contract ...

Alliance News 25 March, 2020 | 12:00PM
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(Alliance News) - Novacyt SA and Yourgene Health PLC on Wednesday unveiled a contract manufacturing agreement for a Covid-19 diagnostic test.

Shares in Novacyt were up 5.1% at 165.55 pence in London shortly before midday. Yourgene's shares were up 34% at 16.09p.

Under the deal, Yourgene will use its manufacturing facility in Manchester, UK, to ramp up production of Novacyt's Covid-19 test, with the first batches to be shipped from the Manchester site in the next few weeks.

Yourgene will initially make critical components for the Covid-19 test, but the companies may subsequently seek to expand the deal to use Yourgene's capacity to produce final versions of the testing kits.

Yougene also said it is currently expanding its laboratory capability so it can support the UK's National Health Service in Covid-19 laboratory testing.

Novacyt Chief Executive Graham Mullis said: "As the global demand for our Covid-19 test continues to increase, we are pleased to have rapidly established a relationship with the expert team at Yourgene to further expand our manufacturing capacity. We look forward to working with Yourgene as we continue to ensure we are fully prepared to meet the demand for our test to support the global response to monitor and contain the Covid-19 pandemic."

Novacyt separately stated it has signed a global distribution agreement with Bruker-Hain Diagnostics, part of Bruker Corp, for the Covid-19 diagnostic test.

In addition, Novacyt said that the Philippines Department of Health Food & Drug Administration has approved the Covid-19 test for commercial use with immediate effect.

Mullis said: "This agreement is another important endorsement of our Covid-19 test and is another way in which we can ensure it is distributed to a wide range of laboratories as we continue to tackle this global pandemic. In Bruker, we have found a strong international partner with a wide reach into European laboratories and look forward to building on this relationship. We are also pleased to have received approval from the FDA in the Philippines and look forward to supporting this new market."

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Novacyt SA 3.23 EUR 1.89 -

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