Welsh point-of-care testing company EKF Diagnostics is acquiring San Antonio-based Advanced Diagnostics Laboratory for $10 million in shares and additional performance-based payments of up to $60 million, the company said Sept. 29.
ADL is a PCR-focused testing lab certified to use specimens collected from humans, and in the first half of 2021 boasted $6.3 million in revenue. The investment from EKF is expected to fund more equipment and personnel.
The acquisition will be complete once ADL's certificate of merger is acknowledged by the Texas secretary of state, EKF said.