Renalytix shares soar after announcing takeover approach

Renalytix, an artificial intelligence-enabled diagnostics company focused on kidney disease, has received an unsolicited acquisition approach from a large, publicly-listed strategic diagnostics company.

In response, Renalytix has commenced a formal sale process to review all available options, including a potential sale of the company or assets. Renalytix said it had not yet received a formal offer.

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Renalytix shares were 50% higher at the time of writing.

In February, Renalytix announced the US Centers for Medicare and Medicaid Services published a draft Local Coverage Determination for the Renalytix KidneyIntelX and kidneyintelX.dkd testing at a price of $950 per test. The announcement was followed by further news the coverage of the testing had been expanded to any US government agency conducting kidney testing.

Should the takeover be completed, Renalytix will be the latest UK company to be taken over amid low UK equity valuations.

Renalytix is one of AIMs best performing stocks of 2024 so far with a gain of 280%.

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