Rhythm Biosciences Ltd (ASX: RHY) Completes Genetype Acquisition
Completion of Acquisition
Rhythm Biosciences Ltd (ASX: RHY) has successfully completed its acquisition of select Australian and US assets from the Genetype Business, previously owned by Genetic Technologies Ltd (GTG) under administration. This strategic move aims to enhance Rhythm’s capabilities in predictive cancer diagnostics.
Financial Details
In line with the acquisition, Rhythm has settled cash payments to the GTG Administrators and designated trade creditors. The company will also assume statutory employee entitlements for the transferring workforce in Australia.
Executive Comments
CEO and Managing Director Dr David Atkins expressed enthusiasm about the integration, stating, “We are pleased to have the Genetype business in the RHY Group and we warmly welcome the employees both here and, in the US. We look forward to working closely with them to accelerate development of the business within the combined company.” He also mentioned that discussions have begun regarding immediate collaborative opportunities and high-level integration planning.
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