Oxford Immunotec to acquire Imugen for $22.2 million
Imugen is a Massachusetts-based clinical laboratory focused on developing and performing specialized testing for tick-borne diseases. The 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 our previously communicated revenue guidance raises our expected revenues for calendar 2016 to between $79.5 and $82.5 million.
Oxford Immunotec expecst to have approximately $30 million of cash at the end of 2016, which will give the company cash into the second half of 2018 based on our current operating plan. ■