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NextGen Group

  • BY: Andrew Hore |
  • POSTED: 05/12/2008 |

Biomarker testing services provider NextGen Group is selling its non-core business.

The gene to protein automation and software business is being bought by its management. They will exclusively licence the technology but NextGen is able to recognise revenues of £300,000 from two existing orders in 2008 and further £900,000 in 2009.

The company buying the business is called eXeTek and it will receive £200,000 for taking on the liabilities of the business and giving up the revenues from the two contracts.

NextGen will effectively make a net profit of £600,000 on the deal as well as taking a 24% stake in eXeTek. NextGen will also receive royalties of 5% on sales for the next three years.

At 0.125p a share, NextGen is valued at £3.18m.

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