Clinical Data to sell testing unit to Transgenomic for $15.4 million
Acquisition includes a suite of proprietary genetic commercial tests, certain proprietary biomarker assays, and the CLIA-certified laboratory operations of Clinical Data
OMAHA, Neb.—Transgenomic Inc. announced Nov. 30 the signing of a definitive agreement to acquire the diagnostic business of Clinical Data Inc. for $15.4 million. This acquisition includes a suite of proprietary geneticcommercial tests, certain proprietary biomarker assays, and theCLIA-certified laboratory operations of Clinical Data.Closing of the transaction is subject to customary regulatory approvalsand closing conditions.
"This is a significanttransaction for our company. It brings a well established and growingmolecular diagnostic business addition, a substantial and establishedrevenue base and validated new biomarker assays along with a talenteddiagnostic team," says Craig Tuttle, CEO of Transgenomic. "Importantly, the acquisition provides us with multiplegrowth opportunities through continued growth of the eleven test FAMILIONproduct portfolio of molecular assays for inherited cardiac disordersplus several proprietary assays for testing patients' response toimportant cancer treatments and patients' drug metabolism of a varietyof drugs. This acquisition will significantly improve our competitiveposition and enhance our customer support and patient care capabilities."
Clinical Data'sdiagnostic business includes: The FAMILION family of 11commercialized proprietary tests; contracts with private and governmenthealth insurers for test reimbursement with coverage policies that offeraccess to genetic testing for an estimated 280 million patients;established academic and medical society guidelines, as well as theHeart Failure Society of America guidelines, that include genetictesting that can be identified by FAMILION tests that detectgenetic mutations that cause cardiac channelopathies orcardiomyopathies; pipeline opportunities that include the Fc gammareceptor family of oncology tests and a clopidogrel response test;marketing resources; testing and customer service capabilities;intellectual property and rights; a state-of-the art facility; andequipment.