Centogene shares jump on joint venture with Lifera

Shares of Centogene NV
CNTG,
+54.65%,
which specializes in genetic diagnostics for rare diseases, jumped 50% in premarket trading Tuesday after the company announced a joint venture with Lifera, a biopharmaceutical company owned by Saudia Arabia’s Public Investment Fund. The JV brings Centogene a $30 million investment and will focus on providing multiomic testing to patients, health systems, biopharma clients and research institutions in Saudia Arabia and countries of the Gulf Cooperation Council, the company said in a release. The $30 million investment comes in the form of a mandatory convertible loan with a six-month term and a conversion price of $2.20 per share of Centogene common stock.