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Oxford Immunotec to acquire Imugen for $22.2 million

Staff writer |
Oxford Immunotec Global has entered into a definitive agreement to acquire substantially all of the assets of Imugen for $22.2 million in an all cash transaction.

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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.