CEMI - Chembio Diagnostics jumps ~26% postmarket after Biosynex to buy co in $17.2M deal

• France-based Biosynex has entered into a deal with U.S. company Chembio Diagnostics ( NASDAQ: CEMI ) under which Biosynex will acquire Chembio for $0.45 per share in an all-cash transaction valued at $17.2M.
• Chembio ( CEMI ) stock soared more than 25% to $0.45 after hours.
• "Biosynex will operate Chembio and its 100% owned German, Brazil and Malaysia subsidiaries as a wholly owned group," the two diagnostic companies said in a joint statement .
• The $0.45 per share offer is at a premium of 25% to CEMI's closing price of $0.36 on Jan. 30.
• Biosynex, through a unit, will initiate a tender offer to acquire all outstanding shares of CEMI.
• The transaction is expected to close in Q1 2023 and was unanimously approved by the boards of both companies.
• According to the companies, CEMI's portfolio of diagnostic solutions will complement Biosynex's test portfolio.

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