LetsGetChecked, an Irish-based healthcare technology company valued at over $1 billion (EUR 870 million), has completed the acquisition of a US-based provider of home diagnostic medical tests following a dispute.
Earlier this month, LetsGetChecked, which was founded by Chief Executive Peter Foley in 2015, announced that it has completed its acquisition of BioIQ, after first announcing its intention to buy the US company last November.
In January, the Sunday independent reported that BioIQ has filed a lawsuit against LetsGetChecked in the United States. It accused the Irish firm of trying to pull out of a merger to “get a better deal”.
The court document showed that BioIQ sought a declaratory judgment that LetsGetChecked’s alleged attempt to stop the merger was invalid and an injunction against any efforts to terminate the transaction. It also sought an order directing LetsGetChecked to fulfill its obligation under the agreement.
According to a US court document filed in a Delaware court in March, both LetsGetChecked and BioIQ agreed to dismiss the lawsuit. Both parties also agreed to pay their fees, costs and expenses resulting from the litigation.
In announcing the acquisition, Foley said LetsGetChecked has gained “a trusted partner with an extensive knowledge base” in serving healthcare plans and employer markets.
“The future of healthcare lies in providing high-quality diagnostics and care in the home that comprehensively meets a person’s health needs throughout their life,” he said.
The closing of the BioIQ deal follows the announcement that LetsGetCecked will acquire US-based genome sequencing company Veritas Genetics. In addition, Veritas Intercontinental is to be taken over.
Veritas Genetics was founded in 2014 by Dr. George Church, a genomics pioneer from Harvard Medical School and the Massachusetts Institute of Technology.
Neither BioIQ nor LetsGetChecked have responded to a request for comment.
https://www.independent.ie/business/irish/irish-at-home-health-test-firm-letsgetchecked-buys-us-company-bioiq-despite-deal-row-41648326.html Irish health testing company LetsGetChecked buys US company BioIQ despite deal crash