SQI Diagnostics Acquires Precision Biomonitoring’s Human Diagnostic Testing Business
On February 14, 2022, SQI Diagnostics Inc. (“SQI”), a leader in the science of lung health that develops and manufactures respiratory health and precision medical tests, completed the acquisition of the assets underlying Precision Biomonitoring Inc.’s human diagnostic COVID-19 PCR testing business and its TripleLock™ molecular diagnostic testing technology (the “Business”).
SQI acquired the assets through its wholly-owned subsidiary, SQI Diagnostic Systems Inc., a combination of cash and common shares of SQI. In addition, on the closing of the transaction, SQI acquired certain inventory of the Business. In connection with the closing of the acquisition, SQI entered into a credit agreement with Pivot Financial, and certain insiders of SQI, for a short-term demand credit facility to fund a portion of the cash consideration payable under the acquisition.
The acquisition is expected to provide SQI with a self-contained and mobile COVID-19 PCR testing business line for use in on-site employee screening in the media, entertainment, mining, hospitality and travel industries.
Aird & Berlis represented SQI with a team including Marek Lorenc, Liam Tracey-Raymont, Ryan Cohen and Al Turnbull (Capital Markets), Francesco Gucciardo and Angelo Gentile (Tax), Kyle Plunkett (Financial Services) and Jose Garcia-Bonilla (Articling Student).