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Oxford, UK & Marlborough, USA – Oxford Immunotec Global PLC a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of under-served immune-regulated conditions, announced it has today closed a transaction to acquire Immunetics, Inc., a Massachusetts based diagnostics company focused on developing specialized tests for infectious diseases, such as Lyme disease.
Total consideration is comprised of $6 million in cash and up to an additional $6 million in cash payable on the achievement of certain revenue thresholds and pipeline related milestones over the next three years.
“We are very excited about the acquisition of Immunetics. It is another step towards achieving our vision of becoming a leader in diagnostics for immune-regulated conditions,” said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “Through this acquisition, we are growing and diversifying our revenue streams, adding additional proprietary content to build a differentiated offering in the tickborne disease market and improving our profitability profile.”
“Immunetics brings a long history of innovative product development in infectious disease testing, especially in the critical area of emerging pathogens” said Andrew Levin, Founder and Chief Scientific Officer of Immunetics. “Oxford’s capabilities complement our own, enabling us to realize the value in our R&D pipeline through a strong commercial partner.”
We expect the acquisition of Immunetics to contribute approximately $0.5 million in revenues in the fourth quarter of 2016.
We continue to expect to report full year 2016 revenue of between $82.5 and $84.5 million.
We expect to have over $50 million of cash at the end of 2016, excluding any draw-downs on our debt revolver.
Conference Call and Webcast
The Company will host a conference call on October 13, 2016 at 8:00 a.m. Eastern Time to provide more information on this announcement. The call will be concurrently webcast. To listen to the conference call on your telephone, please dial (855) 363-5047 for United States callers and +1 (484) 365-2897 for international callers and reference confirmation code 95418159 approximately ten minutes prior to start time. To access the live webcast with presentation slides or an archived recording, visit the Investor Relations section of Oxford Immunotec’s website at www.oxfordimmunotec.com. The replay will be available on the Company’s website for approximately 60 days. The presentation slides will also be available for download in the Investor Relations section of the Company’s website on October 13, 2016 at 7:00 a.m. Eastern Time.