OXFORD, United Kingdom and MARLBOROUGH, Mass., October 12, 2016 (GLOBE NEWSWIRE) - - Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of under-served immune-regulated conditions, announced it has today closed a transaction to acquire Immunetics, Inc., a Massachusettsbased diagnostics company focused on developing specialized tests for infectious diseases, such as Lyme disease.
Transaction Structure
Total consideration is comprised of $6 million in cash and up to an additional $6 million in cash payable on the achievement of certain revenue thresholds and pipeline related milestones over the next three years.
Acquisition Rationale
? Consistent with strategic vision: Immunetics’ business fits well with our strategy to focus on proprietary tests for under-served immune-regulated conditions. Immunetics has a long pedigree of designing novel proprietary assays for under-served infectious diseases.
? Augment offering in the tick-borne disease market: Immunetics’ C6 ELISA Lyme test complements our recently acquired Imugen product offering, augmenting our product portfolio in the tick-borne disease market.
? Leverages commercial resources: Immunetics’ business has a high degree of call point overlap with both our TB business and that of Imugen. We intend to leverage our existing sales and marketing infrastructure to increase Immunetics’ revenue growth over time.
“We are very excited about the acquisition of Immunetics. It is another step towards achieving our vision of becoming a leader in diagnostics for immune-regulated conditions,” said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “Through this acquisition, we are growing and diversifying our revenue streams, adding additional proprietary content to build a differentiated offering in the tickborne disease market and improving our profitability profile.”
“Immunetics brings a long history of innovative product development in infectious disease testing, especially in the critical area of emerging pathogens” said Andrew Levin, Founder and Chief Scientific Officer of Immunetics. “Oxford’s capabilities complement our own, enabling us to realize the value in our R&D pipeline through a strong commercial partner.”
Business Outlook
We expect the acquisition of Immunetics to contribute approximately $0.5 million in revenues in the fourth quarter of 2016.
We continue to expect to report full year 2016 revenue of between $82.5 and $84.5 million.
We expect to have over $50 million of cash at the end of 2016, excluding any draw-downs on our debt revolver.
Conference Call and Webcast
The Company will host a conference call on October 13, 2016 at 8:00 a.m. Eastern Time to provide more information on this announcement. The call will be concurrently webcast. To listen to the conference call on your telephone, please dial (855) 363-5047 for United States callers and +1 (484) 365-2897 for international callers and reference confirmation code 95418159 approximately ten minutes prior to start time. To access the live webcast with presentation slides or an archived recording, visit the Investor Relations section of Oxford Immunotec’s website at www.oxfordimmunotec.com. The replay will be available on the Company’s website for approximately 60 days. The presentation slides will also be available for download in the Investor Relations section of the Company’s website on October 13, 2016 at 7:00 a.m. Eastern Time.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of under-served immune-regulated conditions. The Company’s first product is the T-SPOT®.TB test, which is used to test for tuberculosis infection. The T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China. The company’s second product line is a range of assays for tick-borne diseases, such as Lyme disease, obtained through the acquisition of Imugen. The T-SPOT.CMV test and the T-SPOT.PRT test are part of the Company’s third product line focused on the transplantation market. In addition to these three product lines, the Company has additional active development programs in other immune-regulated conditions. The Company is headquartered near Oxford, U.K. and in Marlborough, Mass. Additional information can be found at www.oxfordimmunotec.com.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
