MyHealthChecked buys personalised health firm Nell Health

Consumer home-testing healthcare company MyHealthChecked announced the acquisition of 100% of the outstanding share capital of Nell Health, which provides genetic testing and personalised nutrition services, for initial consideration of £1.202m.

The AIM-traded firm said that would comprise £1.152m in shares and £0.05m in cash, with a deferred consideration of up to £1.0m payable in shares to be linked to performance milestones.

It said Nell Health, based in south west London’s New Covent Garden Market, had developed an “innovative technology platform” for “personalised, accessible and actionable outcomes” to improve health and wellness based on information gathered from a DNA test.

Customers taking a test are provided with diet and exercise insights by experts, based on the analysis of DNA relating to nutrition including food intolerance, potential vitamin deficiencies and exercise types that suit the individual's body.

MyHealthChecked said Nell Health's platform drew from multiple databases to create “dynamic, updateable” information.

The way in which the platform was built meant that, as the platform and the portfolio developed, the technology would adapt to further optimise the customer experience, and deliver a “holistic approach” for the end-user.

MyHealthChecked said the transaction would give it full ownership of the platform and tests developed to date, which would be processed in its Manchester laboratory.

The Nell Health products and services would be available once transfer to the MHC laboratory was complete.

Key Nell Health personnel would join the team, including chief executive officer Laura Moore, who would join as a non-executive director from October, and Samuel Colvin, who would lead the company's technology development as chief technology officer, with immediate effect.

Isabela Ramos would join the executive team as technical product manager, and medical doctor Gavin Ralston and nutritional geneticist Yiannis Mavrommatis would join the firm’s advisory board.

“The acquisition of Nell Health brings us ownership of a bespoke, sophisticated platform that will enable us to retain full ownership and IP for all of our future digital technology,” said MyHealthChecked CEO Penny McCormick.

“Laura has led the team in the development of a strong testing panel and app, and done so with a level of scientific rigour that has been 100% in line with the standards and ethos of MHC and the Genome Store, which we acquired at the end of last year.”

McCormick described Samuel Colvin as “exceptionally talented”, having developed a platform which would take MyHealthChecked further towards the healthcare technology space.

“Laura and Samuel, alongside Isabela, Gavin and Yiannis bring a high level of experience, along with a passion and drive, that is highly complementary to our existing portfolio, brand and ethos, and we are delighted to be welcoming them to MHC.”

At 1351 BST, shares in MyHealthChecked were down 2.08% at 3.53p.