Axis-Shield Plc, an international in vitro diagnostics (IVD) company, has acquired the German distribution rights for its point-of-care (PoC) IVD products from Progen Biotechnik GmbH  for €1.2 million in cash.

Axis-Shield Plc, an international in vitro diagnostics (IVD) company, has acquired the German distribution rights for its point-of-care (PoC) IVD products from Progen Biotechnik GmbH based in Heidelberg, Germany for €1.2 million (£1 million) in cash.

The company, which specialises in the supply of instruments and tests for the doctors’ clinic testing market, acquired the distribution rights as part of its expansion plans to establish direct distribution links in Europe. Progen’s revenues for this business were some €4 million last year.

Ian Gilham, Axis-Shield CEO, said: “This transaction is in line with our strategy to build a direct-selling capability for our point-of-care products in key European healthcare markets and offers significant potential for growth”. The German market is particularly important, as it has the potential to become the largest PoC market for the company in Europe.

In the six months to August 2008, Axis-Shield’s PoC division reported a 36.7 per cent increase in reported sales to £17.4 million from £12.7 million.