12th Jun 2025 11:41
(Alliance News) - Abingdon Health PLC on Thursday said it had signed a master service agreement for a new EUR2 million contract with an unnamed customer.
The York, England-based maker of lateral flow diagnostic tests said the deal was with "a leading European biotech company".
Abingdon said it will help develop a companion diagnostic lateral flow point-of-care test. Most of the project and its revenue will emerge in financial 2026, the firm said.
Part of the contract is to pursue approval for the deal from US regulators. Abingdon said it estimates that the project will last around two years.
"The significant benefits of having one outsourced partner covering all aspects of product development is resonating well with customers as evidenced by this new contract win," Abingdon noted.
Chair Chris Hand added: "Our approach is to offer customers a complete diagnostic solution; from concept to commercial success and we are pleased to see this resonating well with customers as evidenced by this contract win."
He continued: "In this contract we are fully managing the companion diagnostic development process alongside our client's therapeutic drug development process which adds significant complexity.
"Our expertise across both the development and regulatory aspects of companion diagnostic product development gives the customer peace of mind that the overall project will be managed effectively under one roof."
The company's shares were 7.3% higher at 6.98 pence each late on Thursday morning in London.
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