UK-based cancer diagnostics firm Oncimmune has acquired Protagen Diagnostics, a company focused the development of diagnostic tools to support therapeutic development and facilitate improved treatment strategies in the areas of immuno-oncology and autoimmune disease.
Oncimmune acquired the firm for a total consideration of up to £4.11m, to be paid by the allotment of up to 2,635,910 Oncimmune Ordinary Shares at 156p per share.
Protagen is claimed to have an established a revenue-generating business developing precision medicine and patient stratification tools, which support drug development, improve treatment strategies and patient management, for both immuno-oncology and autoimmune diseases.
Furthermore, Protagen’s SeroTag biomarker engine is used in the discovery and validation of biomarkers and NavigAID arrays for disease stratification and response prediction.
Oncimmune said that the combination of its product design and development expertise, existing library of known immunogenic proteins and US-based CLIA laboratory, with Protagen’s biomarker discovery capabilities are expected to provide the group with a differentiated end-to-end proposition in the delivery of complementary in vitro diagnostics.
Oncimmune CEO Adam Hill said: “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.
“Protagen’s biomarker discovery expertise and high throughput antigen screening technology are all highly synergistic to Oncimmune’s current capabilities. I look forward to working with our new colleagues to grow our company.”
QIAGEN, which has been involved with Protagen as an investor in the past, will continue to be an investor in Oncimmune after the deal.
Germany-based Protagen has its laboratory facilities housing immunogenic protein biomarker discovery engine at Dortmund. Oncimmune intends to keep the Protagen’s scientific team and the Dortmund laboratory to operate as its discovery research center.
Since the past three years until 31 December 2018, Protagen has generated revenues of €1.7m, and revenue of €0.6m and net assets as of 30 September 2018 were €2.9m.