Shares of Alva-based Omega Diagnostics Group rose about 5% after it said it received an approach from Immunodiagnostic Systems Holdings (IDS) which could result in the acquisition of Omega’s allergy business.

IDS is the licensor of Omega’s’ automated Allersys allergy test menu.

Omega is one of the UK’s leading companies in food intolerance testing and also operates in markets supplying tests for allergies and autoimmune diseases and specific infectious diseases.

Omega said that in the six months to September 30, its revenue was 11% ahead of last year at £6.83 million and adjusted profit before tax rose to about £560,000 from £520,000.

Omega chairman David Evan said in a statement: “We have recently been approached by our Allersys licensor (Immunodiagnostic Systems Holdings plc “IDS”) with a view to changing the nature of the commercial relationship with the company.

“This could extend to the acquisition of all or part of our allergy business.

“We will update the market as soon as we have a clearer understanding of IDS’ intentions but as things stand, the outlook for the rest of the financial year is encouraging within our core business with revenue and adjusted profit before tax expected to be at the higher end of market expectation due, in part, to favourable currency movements.”