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NeoGenomics [NASDAQ: NEO] Announces Acquisition of Inivata Ltd

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NeoGenomics, Inc. [NASDAQ: NEO] revealed Wednesday that it has decided to purchase Inivata Ltd. Inivata will grow into a liquid biopsy-centered division together with increasing clinical, pharma, and informatics divisions of NeoGenomics. NeoGenomics has a successful track record of market share. It advances by providing a trusted diagnostic testing collaborator for oncologists, pathologists, and biopharma.

Furthermore, NeoGenomics has spent a good portion of the last year working in collaboration with experts at Inivata. It also oversees positive due care on the business and its top liquid biopsy platform technology. Current Inivata CEO, Clive Morris, will serve as the President of Inivata. He will give a report to Mark Mallon, CEO of NeoGenomics.

Acquisition Benefits

This acquisition is beneficial for the firm as it speeds up the long-term expansion rate with an acceptance of liquid biopsy for therapy choice and MRD within a community setting over time. Moreover, this deal will provide more market options to NEO. Additionally, NEO will be able to exploit the current BioPharma workforce of 15 people. It will offer RaDaR to around 150 current clients comprising all 25 of the top 25 BioPharma firms around the globe.

Transaction Details

The buying is followed by a $25 million minority equity funding by NEO in Inivata in May 2020, at which time NeoGenomics had been granted a fixed price option to buy the rest of Inivata for $390 million prior to December 31, 2021. The cash buying price will be financed with balance sheet cash and through a private placement of equity, with the expected gross profit of $200 million, directed by a group of institutional investors comprising legacy Inivata shareholders, current investors of NEO, and a number of top oncology-focused professional stakeholders.

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