Trinity Biotech, the Nasdaq-quoted diagnostic products company, has announced the acquisition of the infectious disease diagnostics business of Cambridge Diagnostics Ireland, a subsidiary of the US company, Selfcare, for a consideration valued at $4.7 million (£3 million).

Trinity paid $280,000 in cash and handed over 555,731 Selfcare shares which it held, valued at about $8 when the heads of agreement were signed, according to the chief operating officer, Mr Jim Walsh. The share price has since fallen to below $4.

The company stated that the acquired Cambridge product range, which had a 1997 turnover of $3.2 million, comprised three HIV antibodies diagnostic tests.