UK-based Oxford Immunotec Global has acquired US diagnostics company Immunetics.
Based in Massachusetts, Immunetics is engaged in the development of specialized tests for infectious diseases such as Lyme disease.
The deal included the payment of $6m in cash, as well as an additional $6m based on the achievement of certain revenue thresholds and pipeline related milestones over the next three years.
Immunetics has developed tests bases on ELISA and Western Blot methodologies, which are claimed to be cost-effective diagnostic tools for the clinical laboratory.
The company provides C6 B.burgdorferi (Lyme) ELISA Kit assay, acTx Bacterial Detection Kit for platelets and QuickELISA Anthrax-PA Kit in-vitro diagnostic test.
Oxford Immunotec CEO Dr Peter Wrighton-Smith said: “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.
“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 founder and chief scientific officer said Andrew Levin said: “Immunetics brings a long history of innovative product development in infectious disease testing, especially in the critical area of emerging pathogens.”
Oxford Immunotec Global develops and markets proprietary tests for the management of under-served immune-regulated conditions.
The firm’s T-SPOT.TB test, which will be used to detect tuberculosis infection, was approved for sale in over 50 countries.