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Lorenzo signs term sheet for S$100m funding, acquires rights to Gene ID in Asia

LORENZO International said on Thursday morning that it had entered into a non-binding term sheet with JE Capital for S$100 million in funding for its plans to diversify into new businesses.

It separately entered into another non-binding term agreement with Genetik Inc to acquire Asia-wide rights to Gene ID, a Clinical Laboratory Improvement Amendments- certified molecular laboratory specialising in DNA sequencing for molecular diagnostics and oncogenetic testing.

Lorenzo said the terms of the definitive agreement on the proposed acquisition will be discussed.

Gene ID provides services such as next-generation gene sequencing of DNA from tumour cells using microchip technology, which identifies genetic predispositions to many forms of cancer. The company also recommends treatments and assists with the customisation of drug therapies following cancer diagnoses.