Oxford Immunotec Global PLC (NASDAQ: OXFD), a global diagnostics company, agreed to acquire Imugen Inc., a Massachusetts-based clinical laboratory focused on developing and performing specialized testing for tick-borne diseases, for $22.2 million in cash. The deal is expected to close on July 1, 2016.
“We are very excited about the acquisition of Imugen. It is a significant step towards achieving our vision of becoming a leader in the field of immune-regulated conditions,” said Dr. Peter Wrighton-Smith, chief executive of Oxford Immunotec. “Through this acquisition, we are expanding our total addressable market, growing and diversifying our revenue streams and leveraging our commercial infrastructure while at the same time improving our profitability profile.”
“Imugen’s extensive experience and proprietary tick-borne disease testing capabilities are very complementary to Oxford Immunotec’s portfolio of products and services,” said Victor Berardi, chief executive of Imugen. “We are excited to combine our testing capabilities with Oxford’s commercial and R&D resources to grow the Imugen business.”
The acquisition of Imugen is expected to contribute approximately $5.5 million in revenues in the second half of 2016, says Oxford Immunotec, which when added to its previously communicated revenue guidance raises its “expected revenues for calendar 2016 to between $79.5 and $82.5 million.” The company expects to have approximately $30 million of cash at the end of 2016.
Imugen, founded in 1989, is a clinical and research laboratory located in Norwood, Massachusetts with over 25 years’ experience in the development and performance of specialized assays for tick-borne infections. Imugen is certified under the Clinical Laboratory Improvement Amendments (CLIA) and accredited by the College of American Pathologists (CAP) and is licensed as a clinical laboratory in Massachusetts, New York, Pennsylvania, Rhode Island and Maryland.
Oxford Immunotec is a high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions.
The company’s first product is the T-SPOT.TB test, which is used to test for tuberculosis infection. The company is headquartered near Oxford, U.K. and in Marlborough, Massachusetts.
The T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China.
The T-SPOT.CMV test and the T-SPOT.PRT test are the Company’s second and third products and part of a series of products intended for the transplantation market.
In addition to these three products, the company has an additional six active development programs, each of which leverages our T cell, B cell and innate immune measuring technology.