Business
Sale of Alva manufacturing business
Sale of Alva manufacturing business.
About this update from Cambridge Nutritional Sciences Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3668B\n Omega Diagnostics Group PLC\n 11 February 2022\n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n OMEGA DIAGNOSTICS GROUP PLC\n \n \n (\"Omega\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Sale of Alva manufacturing business \n \n \n \n \n \n Sub-contract approach for VISITECT® COVID-19 antigen test\n \n \n \n \n \n Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health & Nutrition and Global Health (CD4 and COVID-19) products, announces that it has signed a conditional sale and purchase agreement (the \"Agreement\" or the \"Sale\") with Accubio Limited, a wholly-owned subsidiary of Zhejiang Orient Gene Biotech Co. Ltd (\"Orient Gene\") in relation to the sale of Omega's diagnostic test kit manufacturing business and facility in Alva, Scotland, for a cash consideration of £1m, payable at completion. The Sale is conditional on, amongst other things, the execution of a comprehensive transitional services agreement in line with the principles which have been agreed, the consent of the landlord to assign the Alva lease and the Secretary of State for the Department of Business, Energy and Industrial Strategy not issuing a Public Interest Intervention Notice requiring a review of the Sale, in each case prior to 7 March 2022.\n \n \n \n \n \n The manufacturing business is being sold as a going concern with approximately 109 full-time employees based in Alva transferring across with the business, with no resultant redundancies. The Agreement also covers the sale of certain fixed assets, including plant and equipment (although not any Government-funded equipment on site), as well as the assignment of the lease for the Alva site.\n \n \n \n \n \n The transitional services agreement to be entered into pursuant to the Agreement will contain transitional arrangements that address the ongoing requirements for the site to produce Lateral Flow Tests (\"LFTs\") for Omega, in partic...