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LONDON (Alliance News) - Cancer testing firm Oncimmune Holdings PLC said Tuesday it acquired protein biomarker laboratory Protagen Diagnostics AG for EUR4.1 million in an all-share deal.
Oncimmune will buy the Dortmund, Germany-based firm through the issue of up to 2.6 million shares at a price of 156 pence per share. Of these, 62% will be issued on closing the deal and the remainder after milestones have been met.
In 2018, Protagen generated a EUR1.9 million operating loss from revenue of EUR600,000. Oncimmune expects the buy to be "cash neutral" within 12 months.
"The acquisition of Protagen will accelerate Oncimmune's product discovery process, will grow our library of known and novel immunogenic proteins, and will underpin the group's ability to deliver value through the development of complementary diagnostics, a key component of our three-year forward strategy," Oncimmune Chief Executive Officer Adam Hill said.
"Protagen's biomarker discovery expertise and high throughput antigen screening technology are all highly synergistic to Oncimmune's current capabilities," Hill added. "I look forward to working with our new colleagues to grow our company."
Shares in Oncimmune were 1.9% higher at 92.70 pence on Tuesday.
