Manchester-based Yourgene Health plc, an international molecular diagnostics firm, on Tuesday announced a proposed sale of new shares in the firm at 17p to raise a minimum of £13 million.

Yourgene also announced it conditionally agreed to acquire Coastal Genomics, Inc of Vancouver, Canada.

“Coastal Genomics is a sample preparation technology company which will enable the company to extend its offering and IP portfolio in the DNA sample preparation sector,” said Yourgene.

The acquisition will be for up to $13.5 million, comprising an initial $3 million in cash and $2.5 million in equity and a “contingent consideration of up to US$8.0 million” payable in cash and equity.

Yourgene Sid the proposed placing will be used to fund the initial cash consideration for the acquisition and for general corporate and working capital purposes.

“Additional funds may also be used to accelerate the company’s commercial activities, including new products and services such as the IONA Nx NIPT workflow and our COVID-19 testing capacity.

“Any excess funds will be used to support further M&A activity.”