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Clinical Data to sell testing unit to Transgenomic for $15.4 million
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 genetic commercial tests, certain proprietary biomarker assays, and the CLIA-certified laboratory operations of Clinical Data. Closing of the transaction is subject to customary regulatory approvals and closing conditions.
"This is a significant transaction for our company. It brings a well established and growing molecular diagnostic business addition, a substantial and established revenue base and validated new biomarker assays along with a talented diagnostic team," says Craig Tuttle, CEO of Transgenomic. "Importantly, the acquisition provides us with multiple growth opportunities through continued growth of the eleven test FAMILION product portfolio of molecular assays for inherited cardiac disorders plus several proprietary assays for testing patients' response to important cancer treatments and patients' drug metabolism of a variety of drugs. This acquisition will significantly improve our competitive position and enhance our customer support and patient care capabilities."
Clinical Data's diagnostic business includes: The FAMILION family of 11 commercialized proprietary tests; contracts with private and government health insurers for test reimbursement with coverage policies that offer access to genetic testing for an estimated 280 million patients; established academic and medical society guidelines, as well as the Heart Failure Society of America guidelines, that include genetic testing that can be identified by FAMILION tests that detect genetic mutations that cause cardiac channelopathies or cardiomyopathies; pipeline opportunities that include the Fc gamma receptor 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; and equipment.