Trinity Biotech has bought Swedish firm Fiomi Diagnostics in a deal worth up to $13.1 million.

The deal includes an upfront cash payment of $5.6 million and stock of $4.1 million.

An additional cash payment of $3.4 million will be made if the company hits certain milestones, including the FDA approval of its cardiac test.

Trinity Biotech chief executive Ronan O'Caoimh said FDA approval for Fiomi's Troponin I test would give Trinity access to the global point-of-care cardiac market, which is worth about $900 million.

"Furthermore, this technology is also ideally suited to a wide range of diagnostic fields including infectious disease, autoimmune, renal, allergy and veterinary and provides Trinity with a leading edge technology platform for the development of point-of-care tests in the future," he said.