Irvine’s Hycor Biomedical Buys Medical Specialties

Hycor Biomedical Inc. said Tuesday it has completed its purchase of Medical Specialties International Inc.

Hycor, an Irvine-based developer of medical diagnostic equipment, said it paid $2 million cash and 200,000 shares of its own stock for Medical Specialties, a South Plainfield, N.J., company that develops blood testing technology.

Based on Tuesday’s Nasdaq closing price of $4.625 a share for Hycor’s stock, the total value of the transaction is about $2.9 million.