Brisbane-based rapid COVID-19 test maker Ellume has been plucked out of administration by competitor Hough Consolidated in a USD$38 million (AUD$57 million) deal, which will also give the buyer ownership of a fast-growing US subsidiary.
The deal also gives Hough access to Ellume’sfluorescent immunoassay technology that can generate results in the space of 15 minutes, and were the product of a decade of research and development following to the swine flu pandemic of 2009-10, which allowed for a fast pivot to tackling COVID with more precise diagnoses.
Ellume Ltd, which has been in administration since 1 September, would be completely acquired by Hough as part of the agreement which requires approval from creditors – expected to be sough…
Read the full article at: https://www.businessnewsaustralia.com/articles/ellume-plucked-out-of-administration-by-rapid-test-competitor-for–57m.html