Portfolio company Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions, today announced it has entered into a definitive agreement to acquire substantially all of the assets of Imugen, Inc., a Massachusetts-based clinical laboratory focused on developing and performing specialized testing for tick-borne diseases, for $22.2 million in an all cash transaction expected to close on July 1, 2016.
Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec, commented:
“We are very excited about the acquisition of Imugen. It is a significant step towards achieving our vision of becoming a leader in the field of immune-regulated conditions. Through this acquisition, we are expanding our total addressable market, growing and diversifying our revenue streams and leveraging our commercial infrastructure while at the same time improving our profitability profile.”