Kindstar Globalgene Technology (HKG:9960) agreed to acquire a 100% stake in the US company AnchorDx from AnchorDx HK.

Kindstar Global Medical Technology (Wuhan), a subsidiary of the company, agreed to acquire a 100% stake in Guangzhou Kangcheng Weiye Biotechnology from its owners, a Friday filing with the Hong Kong Exchange said.

The total consideration for both acquisitions comes in at $31.3 million. The group plans to pay for the acquisition of Guangzhou Kangcheng Weiye Biotechnology in cash through bank borrowings and net proceeds from the global offering.

For the acquisition of AnchorDx US, the company plans to issue 15,869,521 consideration shares to Wuxi Anchor and 43,561,835 shares to OrbiMed at a consideration price of HK$1.42 per share.

As per regulations, the existing contractual arrangements between Guangzhou Kangcheng, Guangzhou Jizhun Medical, and the latter's registered shareholders will be dissolved and new contracts will be entered into by the relevant parties.

The high-end esoteric testing service provider company's shares were up over 2% on Monday's close.

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