The recent momentum behind Horizon Discovery’s (HZD) share price may have been explained. The group has inked a deal to snap up Haplogen Genomics, a Vienna-based biotechnology company for £6m. Depending on the performance of the newly-acquired business, Horizon could pay out a further £4m in new shares.
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Horizon has been selling the Haploid Genomics inventory for the last year and analysts at N+1 Singer say the deal is "sensible" given Horizon "knows the business well." Despite making three acquisitions in the past l2 months, analysts expect Horizon to finish the financial year with £12m in the bank.
