Date: 2016-06-23
Type of information: Company acquisition
Acquired company: Imugen (USA - MA)
Acquiring company: Oxford Immunotec (UK)
Amount: $22.2 million
Terms: * On June 23, 2016, Oxford Immunotec Global, a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions, announced it has entered into a definitive agreement to acquire substantially all of the assets of Imugen, a Massachusetts-based clinical laboratory focused on developing and performing specialized testing for tick-borne diseases, for $22.2 million in an all cash transaction expected to close on July 1, 2016. Oxford Immunotec expects the acquisition of Imugen to contribute approximately $5.5 million in revenues in the second half of 2016, which when added to the previously communicated revenue guidance raises our expected revenues for calendar 2016 to between $79.5 and $82.5 million.
Details: The acquisition expands Oxford Immunotec into the tick-borne disease market, which includes Lyme disease, increasing its total addressable market by $400 to $500 million. It will also leverage commercial resources: Imugen's business has a high degree of call point overlap with Oxford Immunotec tuberculosis business. Imugen's Massachusetts laboratory will allow the company to offer its T-SPOT®.TB test at a second laboratory.
Related:
